The Annual Report of the Hanseatic Lloyd Reederei on the Business

Transcrição

The Hanseatic Lloyd Group
Hanseatic Lloyd AG
Reederweg 6
8592 Uttwil
Switzerland
Phone: +41-(0)71-46 699-99
Fax: +41-(0)71-46 699-09
[email protected]
Hanseatic Lloyd Reederei
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-18/19
[email protected]
Hanseatic Lloyd Chartering
GmbH & Co. KG
ABC-Straße 2
20354 Hamburg
Germany
Phone: +49-(0)40-35 08 90-0
Fax: +49-(0)40-35 08 90-333
[email protected]
Hanseatic Lloyd Holding
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-78
[email protected]
Hanseatic Lloyd Schiffahrt
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-58
[email protected]
Hanseatic Lloyd (Singapore)
Pte Ltd
79 Cairnhill Road
#15-01 Trendale Tower
Singapore 229681
Phone: +65-97 50-48 78
[email protected]
Hanseatic Lloyd Handel
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-19
[email protected]
Competence in the
International Shipping Market
The Hanseatic Lloyd Group is a group of
companies with long experience of management in shipping, the development of ship
projects and the raising of finance. The
entire management of the Hanseatic Lloyd
Group is a team of shipping and financial experts with vast experience in the tramp- and
liner shipping as well as the capital markets.
The main shareholder of the group of companies is the Kniffka family. Their shares are
administered through Hanseatic Lloyd AG,
Uttwil/Switzerland. Also the Kniffka family
holds 50 % of shares in the Hansa Mare
Reederei, Bremen/Germany, which operates
18 container vessels. These shares are administered through Hanseatic Lloyd Holding,
Bremen/Germany.
The Annual Report of the
on the Business Year
2009
www.hanseatic-lloyd.com
The Hanseatic Lloyd Group consists
of the following Companies:
Hanseatic Lloyd AG
Uttwil/Switzerland
Developing and initiating international ship
projects; main shareholder of Hanseatic Lloyd
companies worldwide.
GmbH & Co. KG, Bremen/Germany
Developing and initiating ship projects and
raising finance under the KG system in the
German capital markets.
Exists as a former trading company with roots
way back to 1864. Responsible as shipowner
for the technical and nautical management of
the Hanseatic Lloyd vessels.
GmbH & Co. KG, Hamburg/Germany
Employment of the 24 container vessels of
Hanseatic Lloyd and Hansa Mare as well as
of further future projects.
Hanseatic Lloyd (Singapore) Pte Ltd
Container chartering in the Far East.
Management/administration of the 50 %
share holding in Hansa Mare Reederei.
Management of investments in nonHanseatic Lloyd related companies.
Welcome on Board.
The Structure of the Hanseatic
Lloyd Group
Uttwil, Switzerland
Chairman & CEO: Henner Lothar
CFO: Norbert Schuster
GmbH & Co. KG
Bremen, Germany
MD: Burkhard Rösener
GmbH & Co. KG
Bremen, Germany
50 %
51 %
Hanseatic Lloyd Singapore Pte Ltd
Hansa Mare Reederei
HLL Treuhand AG
GmbH & Co. KG
Bremen, Germany
MD: Thorsten Mackenthun
Burkhard Rösener
GmbH & Co. KG
Bremen, Germany
Burkhard Rösener
GmbH & Co. KG
Hamburg, Germany
MD: Christian Jäkel
Singapore
MD: Henner Lothar
GmbH & Co. KG
Bremen, Germany
Dr. Andreas Opatz
Bremen, Deutschland
CEO: Heinz D. Schickhaus
Container vessels exclusively chartered out by Hanseatic Lloyd Chartering
One-Ship Companies Container Vessels
HLL Atlantic
Schiffahrtsgesellschaft mbH & Co. KG
MS “Mare Arcticum”
HLL Baltic
MS “Mare Atlanticum”
HLL Adriatic
MS “Mare Britannicum”
HLL Arctic
MS “Mare Caribicum”
HLL Caribic
MS “Mare Lycium”
HLL Pacific (2)
MS “Mare Phoenicium”
MS “Mare Siculum”
MS “Mare Superum”
One-Ship Companies Tanker
HLL Aegean
MS “Mare Africum”
HLL Barents
MS “Mare Caspium”
HLL Indian
MS “Mare Gallicum”
HLL Ionian
MS “Mare Internum”
HLL Black Sea 1)
MS “Mare Ionium”
HLL Red Sea 1)
MS “Mare Thracium”
HLL White Sea 1)
MS “Mare Ibericum”
HLL Yellow Sea 1)
MS “Mare Adriaticum”
MS “Mare Balticum”
Initiated Partner Projects
HLL Ashley Sea
HLL Sharon Sea
HLL Noroc
MS “Mare Doricum”
GmbH & Co. KG
MS “Mare Tuscum” 1)
GmbH & Co. KG
MS “Mare Hibernum” 2)
The Structure of the Hanseatic Lloyd Group
Hanseatic Lloyd AG
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The production and the paper used
for this annual report are certified in
accordance with the criteria of the
Forest Stewardship Council (FSC).
The FSC stipulates strict criteria for
forest management and thus avoids
uncontrolled deforestation, violation
of human rights and pollution of the
environment. Since products with the
FSC seal of approval go through
various stages of trade and processing, paper processing companies are
also certified according to the rules of
the FSC.
1) Sold in February 2006
Orders
Sold container vessel: HLL Pacific (1)
Sold tankers: HLL Arctic, HLL Biscay, HLL Caspian, HLL Celtic
Board of Directors of the Hanseatic Lloyd AG, Uttwil/Switzerland
Advisory Board of the Hanseatic Lloyd AG, Uttwil/Switzerland
Henner Lothar
Chairman
Dr. Peter Haßkamp
Chairman
Former Chairman of the Board
of Bremer Landesbank,
Bremen, Germany
Justus Kniffka
Member of the Board
Adrian Howald
Member of the Board
Suter Howald Rechtsanwälte, Zürich, Switzerland
Adolf Adrion
Vice-Chairman
Former Member of the Board
of Hapag-Lloyd AG,
Hamburg, Germany
Christoph Hinz
Director General retd,
Former Head of Shipping Directorate
in the Ministry of Transport,
Berlin, Germany
Jean Albert Hulliger
Former Director of the Swiss
Maritime Navigation Office,
Bern, Switzerland
Dr. Bernd Kröger
Former Chairman of the Board of
Managing Directors of the German
Shipowners Association, Hamburg,
Germany
Martina Wießner-Kniffka
Shareholder HLL AG, Lawyer,
Altnau, Switzerland
Dr. Matthias Zieschang
CFO Fraport AG,
Frankfurt/Main, Germany
Concept and design:
causa formalis informationsdesign,
Cologne, Germany
Printed by:
Benatzky, Hanover, Germany
2) Sold in October 2007
1)
Copyright © 2010 by Hanseatic Lloyd
All rights reserved.
Copying, also of extracts, or any
other form of reproduction, including
the adaptation into electronic data
bases and copying onto any data
mediums, in English or in any other
language is permissible only and
exclusively with the written consent
of the Hanseatic Lloyd Reederei
GmbH & Co. KG, Bremen, Germany.
(Status as at: May 2010)
Lloyd Group
Uttwil, Switzerland
GmbH & Co. KG
Bremen, Germany
GmbH & Co. KG
Bremen, Germany
50 %
51 %
Hansa Mare Reederei
HLL Treuhand AG
GmbH & Co. KG
Bremen, Germany
Burkhard Rösener
GmbH & Co. KG
Bremen, Germany
Burkhard Rösener
GmbH & Co. KG
Hamburg, Germany
Singapore
MD: Henner Lothar
GmbH & Co. KG
Bremen, Germany
Dr. Andreas Opatz
Bremen, Deutschland
HLL Atlantic
HLL Baltic
HLL Adriatic
HLL Arctic
HLL Caribic
HLL Pacific (2)
HLL Aegean
HLL Barents
HLL Indian
HLL Ionian
HLL Black Sea 1)
HLL Red Sea 1)
HLL White Sea 1)
HLL Yellow Sea 1)
HLL Ashley Sea
HLL Sharon Sea
HLL Noroc
GmbH & Co. KG
GmbH & Co. KG
Hanseatic Lloyd AG
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the FSC.
Orders
Henner Lothar
Chairman
Dr. Peter Haßkamp
Chairman
Bremen, Germany
Justus Kniffka
Member of the Board
Adrian Howald
Member of the Board
Adolf Adrion
Vice-Chairman
of Hapag-Lloyd AG,
Hamburg, Germany
Christoph Hinz
Berlin, Germany
Bern, Switzerland
Dr. Bernd Kröger
Germany
Altnau, Switzerland
CFO Fraport AG,
Concept and design:
Cologne, Germany
Printed by:
1)
Hanseatic Lloyd AG
Reederweg 6
8592 Uttwil
Switzerland
Phone: +41-(0)71-46 699-99
Fax: +41-(0)71-46 699-09
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-18/19
[email protected]
GmbH & Co. KG
ABC-Straße 2
20354 Hamburg
Germany
Phone: +49-(0)40-35 08 90-0
Fax: +49-(0)40-35 08 90-333
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-78
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-58
[email protected]
Pte Ltd
79 Cairnhill Road
Singapore 229681
Phone: +65-97 50-48 78
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-19
[email protected]
Competence in the
Bremen/Germany.
2009
Hanseatic Lloyd AG
Uttwil/Switzerland
Welcome on Board.
2009
Contents
The Annual Report . . . . . . . . . . . . . . . . . .02
•
The Hanseatic Lloyd Group . . . . . . . . . . .03
•
The Management . . . . . . . . . . . . . . . . . . .13
•
The Course of Business in 2009 . . . . . . . .39
The Hanseatic Lloyd Reederei in
the shipping and capital markets
Secondary market for ship’s shares
Example portfolio
Greetings from the
Hanseatic Lloyd AG . . . . . . . . . . . . . . . . . .14
The Fleet operated, supported and/or
chartered out by Hanseatic Lloyd . . . . . .44
Foreword of the
Hanseatic Lloyd Reederei . . . . . . . . . . . .16
Overview of the Fleet . . . . . . . . . . . . . . . .46
Data of Hanseatic Lloyd . . . . . . . . . . . . . .48
•
•
•
•
•
•
•
•
•
•
•
The Market . . . . . . . . . . . . . . . . . . . . . . . . .18
The global economy
The global merchant fleet
Container shipping
Tanker shipping
Maritime parameter conditions
Prospects
Tax Basics . . . . . . . . . . . . . . . . . . . . . . . . .33
Income tax
Tonnage tax
Trade tax
Turnover tax
Inheritance tax and gift tax
Performance Assessment Principles . . .49
Individual Reports
of the Hanseatic Lloyd ships . . . . . . . . . .50
The Auditor’s Certificate
of the PricewaterhouseCoopers
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Hamburg . . . . . . .66
Individual Reports
of the Hansa Mare Fleet
exclusively chartered out by
Hanseatic Lloyd . . . . . . . . . . . . . . . . . . . . .67
Imprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
1
The Annual Report
Financial involvement always means having
to make investment decisions which primarily
aim at obtaining the best return on the invested
capital. The crucial factor is the argument of
the “earning capacity”. This has in the past
gained more and more in importance, when the
so-called loss allocation models were limited,
so that the economic efficiency of a capital
investment in a ship has steadily improved.
In view of the large number of different forms
of capital investment to choose from, it is advisable for each investor to acquire a portfolio
that takes account not only of his present financial and tax situation but also of his position in
the future. What is important in this connection
before making any investment decision is to
clearly analyse the parameter conditions of the
economic environment and to examine these
in the light of one’s own interests and expectations.
Ship’s shares are globally active capital investments; they are directly related to the crystallising developments in the various economic
zones. For this reason, in our Annual Report
we describe in detail developments in the
various market economies and their effects
on merchant shipping.
2
As an experienced shipping company, the
Hanseatic Lloyd Group concentrates exclusively on the ship as a capital investment vehicle.
Our experience gained in 38 ship projects since
1992 with more than 6,000 private and institutional investors is applied to each new ship
project. A large number of the investors therefore invest repeatedly in our ships. By the end
of 2009, we at Hanseatic Lloyd and Hansa Mare
were able to place a total of EUR 513 million of
equity capital in the German investment market.
Substantial shares held by the shipping group
itself demonstrate the high consensus of interest between the investors and the initiators
of the ships.
In all projects of the Hanseatic Lloyd Reederei,
the HLL Treuhand AG represents and safeguards
the interests of the investors. This ensures optimum support of all ship’s shares as well as
making sure that the money is only being used
as stipulated.
The economic development of the fund ships
initiated by Hanseatic Lloyd (performance
figures of the one-ship companies) that is
attested by independent auditors summarises
characteristic and fundamental information in
a target/performance comparison. Furthermore,
we provide information about the employment
of our own ships as well as of those of the
fleet of the Hansa Mare Reederei which are
exclusively chartered out by Hanseatic Lloyd.
Our Annual Report primarily serves to provide
information to interested investors and the
general public with regard to the development
of funds that have already been initiated and
the professionalism of our company – also in
respect of future investment decisions. Our
investors are periodically informed in detail
throughout the lifetime of the corresponding
investment company in all fund-related, economic and tax questions by means of the annual
financial statements, the half-yearly reports
of the management board and various circular
letters concerning the current status of the
corresponding one-ship company.
Bremen, 7th July 2010
The company
The medieval Hanseatic League was an alliance
of trading cities in the area of the North and
Baltic Seas. Reliability, a penchant for trading
and constant moves to pastures new were
the ingredients of its success. Important parts
of our group of companies are domiciled in
traditional Hanseatic cities and provide their
services to meet the growing requirements of
international sea-borne trade.
The name “Hanseatic Lloyd” stands for trustworthiness, fairness, for economic and technical competence as well as for success through
circumspect dealings. These values characterise
our responsibility towards people and the environment and thus the collaboration of all
those who contribute to the success of our
company and who benefit from it.
As a symbol of an active partnership we offer
our hand – after all for Hanseatic merchants
the handshake is today still their binding promise.
4
The principle of the shared risk
The transport of goods is an elementary prerequisite for trade and industry. This applies in
particular to the transport of goods by sea,
where a responsible willingness to enter into
risks, imagination, but especially the most careful preparations have always been pre-conditions for achieving the desired success. It was
like that in the old days and that is how it still
is today.
More than 250 years ago, the shipowning partnership was set up as an alliance of merchants
who jointly built, equipped and ran a ship following the principle of the shared risk. If the vessel
returned from its in those days dangerous voyages richly laden with spices, silk and other
exotic goods, the profits from the sale of the
ship and its cargo were split up proportionally.
If the vessel went missing, the ship owning
partners likewise shared their losses on a proportional basis. In all, in those days our forefathers already achieved success through the
principle of the shared risk, so that this is really
nothing new.
Capital on the high seas
The increasing globalisation process also entails
a growth of global trade. Thus since 1950 the
global economy has grown more than six-fold.
But over the same period the volume of global
trade has grown twenty times over. Today more
than 95 % of intercontinental trade goes by
sea. The ongoing globalisation and liberalisation of the markets will in future continue to
ensure a constant increase in these international flows of goods.
There are many ways to invest capital on a
profit-minded basis. But an investment in international shipping offers the possibility of benefiting from the advantages of these global activities. However, we are not looking for quick
profits but for a long-term return on investment.
Not only institutional investors but also private
ones are offered individual possibilities for acquiring equity shares in the various national
and international capital market.
With the Hanseatic Lloyd Group, you can rely
on a partner who is distinguished by many
years of experience not only in the shipping
market but also in the capital market and who
convinces through competence.
5
The Hanseatic Lloyd Group – Project Development and Coordination
It is only the entirety of these analyses that
produces a clear and reliable picture of the
shipping market and that reveal promising
niche markets and thus possibilities for new
projects. Diligence is here our leading principle,
because that is the only way to also ensure
the successful operation or sale of a ship in
10, 15 or even more years time.
Analysis pays off
Shipping is an international business. Prospective thinking as well as constant analyses are
absolutely crucial. Long before the planning and
construction of a new vessel or the purchase of
ship that is already in service, this begins with
the observation and correct assessment of future
economic developments as well as of the requirements and parameters of the transport
markets. This is accompanied by an ongoing,
careful evaluation of supply and demand in
the charter and freight markets as well as by
regular talks with reliable charterers worldwide.
6
Projects from experts
In the end it is in-depth analyses and calculations that decide whether an idea will actually
be turned into a concrete ship project, which
then enters the planning and construction
phase or which may also be available on the
market as first-class second-hand tonnage.
A ship is not the work of an individual but of
a team that works closely together in a concentrated effort during the entire period of
the planning and building of the ship. In this
context the experienced employees of the
Hanseatic Lloyd Group are additionally supported by experts in all phases through to the time
when the ship is put into service. We work to
strict rules and voluntarily have our activities
regularly monitored by experts, trustees as well
as auditors.
Profit lies in purchasing
The individual person is the key factor – also in
the shipping business. The individual’s knowledge and skills are crucial for the successful
planning, building of a new ship or buying of
second-hand tonnage as well as its smooth
operation. Before planning the technical details
and the construction of a new ship, the knowhow of the experts is especially important:
when selecting the type of ship and the shipyard, price comparisons and intensive negotiations with the shipyards can lead to substantial
differences in price for a ship of the same type
and the same quality, so that enormous savings
are possible for the company and its investors.
Decisive factors
As a result of certain specifications and corresponding maintenance, ships can have a
service lifetime of 20 years or more, so that
the choice of the right shipyard is especially
important. Here Hanseatic Lloyd’s own shipyard database, which permanently indicates
the order situation as well as the technical
specifications of the major shipyards, is of
enormous value.
The decisive factors when placing the orders
are however also the price of the newbuilding,
punctual delivery and the fulfilment of all technical requirements. These technical requirements are defined not only by choosing an
existing ship design of leading shipbuilders
from all over the world. On the contrary, the
Hanseatic Lloyd Group and its experienced partners carry out additional work on optimising the
technical details of the ship and thus contribute
their practical experience to the final design of
the ship – to arrive at a vessel that will be competitive in the long term.
From theory to practice
On the basis of the achievable shipbuilding or
purchase price, the final economic decision is
then taken for or against launching a project,
and this marks the end of the planning phase.
This is the moment when theory turns into
practice. The ship concept, the contracts and
the deadlines are now fixed. The keel of a newbuilding is laid and in half a million man hours
the plans are converted into the finished ship.
In all phases of construction, the team of experienced surveyors of the Hanseatic Lloyd
Group monitors the quality of the work performed and of the materials used, for after all
the quality and the price of the product are the
foundation for the success of the investment –
whether it is a newbuilding or second-hand
tonnage.
7
The Hanseatic Lloyd Group – Financial Services
As against the tax advantages deriving from
depreciation known from the past, investments
in shipping today aim primarily at long-term
economic efficiency and profitability. This form
of investing in business enterprises gains additional attraction through the tonnage tax
that is already granted in many states. This is
a lump sum determination of net income for
shipping companies which makes the earned
income almost tax-free.
Ship shares & financing
Besides other shareholdings, Hanseatic Lloyd
Holding above all also holds 50 % of the shares
in the Hansa Mare Reederei and is responsible
for the management and the administration of
these shareholdings.
Within the German organisation, the Hanseatic
Lloyd Reederei is responsible for the development, initiation and financing of ship projects
as well as for the founding of one-ship companies which purchase and operate the ships.
The Hanseatic Lloyd Reederei has been active
in the German capital investments market
since 2001. The limited partnership capital
of the Hanseatic Lloyd Reederei amounts to
EUR 5.0 million.
Sound financing
Shipping is a capital-intensive business.
Hanseatic Lloyd pursues the principle of a
conservative and sound financing policy for
the whole fleet that it operates and supports.
To the benefit of the investors, we at Hanseatic
Lloyd, but also at the Hansa Mare Reederei in
which we hold a 50 % share, work with various
international and national banking consortia
made up of Federal state banks, private banks
and ship mortgage banks on the basis of a relationship of trust.
8
As of the end of 2009, our financial partners
have granted ship mortgage loans totalling
EUR 813 million for the ships supported and
operated by Hanseatic Lloyd as well as for the
Hansa Mare Reederei. In this way they have
made a decisive contribution to the financing
of the fleet which entails an overall investment
volume of more than EUR 1.37 billion. The borrowed capital quota is 59.2 %, reflecting our
rather conservative financing policy. The fleet
of Hanseatic Lloyd will also continue to grow in
the future. For the financing, we will apply the
same standards that were valid for the projects
initiated in the past. Continuity and reliability
here have top priority.
Attractive capital investments
Ship shares are long-term, promising capital
investments for private and institutional investors. As an experienced shipping company, the
Hanseatic Lloyd Group concentrates exclusively
on this form of capital investment.
The Hanseatic Lloyd Reederei also offers other
shipping companies its services in the shipping
and capital markets – a business segment that
is destined for further growth.
Guaranteeing an optimum tax, contractual and
economic concept for the investors has high
priority. The Hanseatic Lloyd Reederei works
exclusively with well-known auditors, tax consultants and lawyers with experience in the
shipping business. Furthermore, technical advisors support the project development work.
In all projects of the Hanseatic Lloyd Reederei,
the HLL Treuhand AG represents and safeguards
the interests of the investors. This guarantees
all those involved that their interests are being
looked after properly and that the money is only
being used as stipulated.
Quality and experience
The complexity of this form of investment necessitates corresponding counselling. That
is why the Hanseatic Lloyd Reederei co-operates
only with a limited circle of qualified and professional sales partners. As a classical shipping
company, it offers these partners not only detailed product information as the basis for objective and efficient customer counselling but
also provides comprehensive background information on the shipping business itself.
The Hanseatic Lloyd Group – Chartering
Besides the big oil companies, so-called operators also act as charterers. These charter tankers in order to then carry out cargo contracts
for their own account or for others. The product/chemical tankers of the Hanseatic Lloyd
Group are chartered out on a long-term basis
to our contract partner Mega Chemical Tankers,
which operates the ships in the MCT pool.
Comprehensive knowledge of the market
Competition in the global charter market is very
fierce. A fundamental prerequisite for successful chartering out in this market is ships of a
high technical quality that can be used universally. Besides the quality of the tonnage, an
acknowledged quality of service and the personal competence of the suppliers of charter
tonnage as well as the most exact knowledge
of the market make crucial contributions to
high customer satisfaction.
To realistically visualise future developments
and to use these as a basis for their own decisions is one of the most important tasks of
Hanseatic Lloyd Chartering. A cornerstone for
these activities is the internal database of
Hanseatic Lloyd Chartering, in which among
other things important information with regard
to charter transactions for container ships of all
size classes as well as all global newbuilding
activities is recorded and constantly updated.
Furthermore, this provides a comprehensive
overview of the structures and developments
of the liner services.
We also set standards in the highly competitive charter market through intensive contacts
with liner shipping companies and shipbrokers
throughout the world as well as through a constant exchange of information with all our partners. This acknowledged high quality of support
is achieved in particular through the exclusive
concentration of Hanseatic Lloyd Chartering on
the container shipping market.
In contrast to container ships – which almost
exclusively find employment for time charter
periods in order to then operate in regular liner
services – tankers are predominantly chartered
for individual trips. They are mostly contracted
in the “spot market”, i.e. charter parties for
tankers are concluded, independently of the
size and range of equipment, for individual
consignments – whether it is a question of a
full load for a ship or of several part loads.
Success on behalf of third parties
Other shipping companies and shipowners can
benefit from the comprehensive know-how of
Hanseatic Lloyd Chartering – Hanseatic Lloyd
Chartering also offers its complete range of
services to outside companies. In this way interested parties can benefit from our detailed
knowledge of the markets and our experience
concerning the world-wide structures and developments of liner services.
9
The Hanseatic Lloyd Group – Fleet Management
A partner from day one
In all technical and nautical questions of the
fleet, the company Hanseatic Lloyd Schiffahrt
is the competent contact partner. In all new
ship projects, the experienced employees besides the external specialists operate as technical advisors from the very beginning. They
draw up the documentation and construction
specifications that are based on the latest technical developments and their own practice-oriented investigations. They direct the support
for the newbuilding project as well as the supervision of the construction work that is important
for the quality of the vessel through to the ship
trial and delivery.
Always on call
For the technically supported ships already in
service, the Fleet Management team is responsible for maintenance planning and spare parts
logistics as well as for all accounting to ensure
the economically optimised operability of the
vessels. Hanseatic Lloyd Schiffahrt coordinates
the crewing of the technically supported ships
in co-operation with experienced crewing agencies. Comprehensive classification and flagstate-related work in connection with certification procedures also form part of the activities
of the Fleet Management. In this way the development and implementation of the company’s
internal quality and environmental management
in conjunction with the ISM certification for the
whole technically supported fleet and the shore
organisation of Hanseatic Lloyd play a crucial
part in ensuring the very good condition of the
ships and their performance. Hanseatic Lloyd
Schiffahrt that is responsible for operation of
the ships is certified to the quality management
10
system ISO 9001 as well as to the environmental management system ISO 14001. New
national and international safety regulations
that are mandatory for shipping, such as C-TPAT
and ISPS, were also implemented on board of
the technically supported fleet and in the shore
organisation by the Fleet Management, which
also permanently monitors compliance with
these in the interests of safe operation of the
ships. Round the clock, 365 days a year, experienced employees are on call to safeguard
operation of the ships. They are thus responsible for the whole nautical and technical support
of these ships and in this way make sure that
the ships are properly operational and retain
their full value to the satisfaction of the charterers and the owners.
Ship-Management
Other shipping companies and shipowners
can benefit from the comprehensive know-how
of the Fleet Management – Hanseatic Lloyd
Schiffahrt also offers its complete range of
services to outside companies. In this way interested parties can benefit from our monitoring and our experience concerning the global
developments in the fields of ship types, ship
technologies and cargo technologies.
Competence on board
At sea, the quality of service and the safe transport of the goods are solely dependent on the
people on board. Despite the most up-to-date
modern technology, everything still centres around
them. In this context the Hanseatic Lloyd Group
relies on experienced, international crews with a
high level of training. Regular training measures
for the systematic implementation of new internal
and external guidelines with regard to quality
management and environmental management as
well as compliance with international safety regulations for the protection of the crew, the ship,
the cargo and the ports form part of everyday life
on board of the technically supported ships. In
this way the crews in close co-operation with
Fleet Management ensure the smooth operation
of the ships at all times. Hanseatic Lloyd makes
demands on but also supports its employees on
board. Special achievements are correspondingly
rewarded. We pursue the objective of recruiting
good new personnel for Hanseatic Lloyd in the
long term with our own, practical training of cadets
on board of the technically supported fleet.
Committed to the environment
It is not only responsible behaviour that governs
the actions and the service of the crews on board
of all Hanseatic Lloyd ships, but also an awareness of what we owe to the environment. In
line with this principle, the newbuildings of
Hanseatic Lloyd are fitted with environmentally
compatible materials and technologies in accordance with the MARPOL Convention. The modern
ship’s diesel engines contribute to a reduction
of nitrogen emissions through low consumption.
All residues that arise during operation of the
ship are treated in strict compliance with valid
international guidelines. Modern waste water
treatment plants, the possible reduction and
strict separation of ship´s waste on board as
well as the proper disposal of all residues in
the ports therefore go without saying. The
technically supported Hanseatic Lloyd fleet is
certified to the environmental management
system ISO 14001.
The Hanseatic Lloyd Group – Social Commitment
Focus on people
Long-term economic success in hotly contested
markets determines the activities of Hanseatic
Lloyd. But achieving the business targets is not
the work of a single person, on the contrary it is
far more the result of intensive and consistent
teamwork. After all, it is still people who are at
the centre of all business activities. Hanseatic
Lloyd is very conscious of the responsibility that
this entails with a deep understanding of community and with team spirit as well as open and
honest dealings with its employees, customers
and partners.
Over and above our business activities, we also
assume social responsibilities with personal
and financial commitment. Hanseatic Lloyd is,
like the whole of the shipping business, dependent on excellently trained next-generation personnel. On shore we therefore train people as
shipping businessmen and business administrators for transport and logistics (BIVL). To counter
a shortage of qualified specialists on board,
Hanseatic Lloyd provides the students pursuing
the course of studies “Engineer with a qualification for Maritime Transport (Nautical studies)”
with the necessary places on board of its technically supported fleet to carry out their halfyearly term of practical training.
Besides maritime institutions such as the “Haus
Seefahrt”, the German Lifeboat Association or the
German Shipping Museum we support Mother
and Child houses in Bremen and in Weinfelden/
Switzerland as well as the international children’s
relief organisation, the World CHILDHOOD
Foundation, which looks after the weakest links
in society: young, single mothers and children
in need.
The portal of the “Haus Seefahrt” from the year 1665 at the entrance to the “Haus Seefahrt” in Bremen.
11
The Hanseatic Lloyd Group – Development of the Company
Founder Harro Kniffka † 16th March 2009
The shipowner Harro Kniffka founded the
Hanseatic Lloyd Group in January 2001. Before
that Mr Kniffka had worked for well-known
shipping companies in New York and Hamburg
for more than 30 years. In 1992, together with
other partners he founded the Hansa Mare
Reederei, Bremen, of which the Kniffka family
continues to indirectly be a 50 % shareholder
via Hanseatic Lloyd Holding in Bremen.
2001: The corporate structure is established in
January. The head office of the group holding
company, Hanseatic Lloyd AG, is domiciled in
Switzerland. Subsidiary companies are founded
in Bremen, Hamburg, Singapore and London.
Two newbuildings, each with a container carrying capacity of 4,713 TEU, are ordered, a third
ship with a capacity of 4,565 TEU is taken
over in December as a second-hand project.
The placed equity incl. premium amounts to
EUR 12.5 million.
12
2002: A total of EUR 27.5 million (incl. premium)
are placed in the capital market for the ship’s
share funds MV “HLL Atlantic” and MV “HLL
Baltic”. The newbuildings MV “HLL Atlantic”
and MV “HLL Pacific” are delivered by the
shipyard in December and put into service.
2006: With the shipping company partner a
Panmax tanker with a deadweight tonnage of
73,400 tdw is initiated and equity capital in the
amount of EUR 20.3 million (incl. premium) is
placed by mid-November. This is followed by
the start of selling shares for the sister ship.
2003: The step to diversification is accomplished
in the second quarter. Four product/chemical
tankers of 19,800 tdw (deadweight tonnage)
each are ordered. In the last quarter, four
second-hand product/chemical tankers with
a deadweight tonnage of 19,990 tdw each are
taken over and offered for placing in the capital
market as HLL Tanker-Flottenfonds I. In 2003,
a total of EUR 18.5 million (incl. premium) are
placed.
2007: The end of April sees the full placement
for the third partnership project. The equity
capital placed for the Panmax tanker totals
EUR 18.7 million (incl. premium).
2004: Until June a total of EUR 30.7 million
(incl. premium) are placed in the capital market
for the HLL Tanker-Flottenfonds I. From the
middle of the year, four container ships of the
Panmax class as well as four product/chemical
tankers are ordered.
2005: For the first time a product/chemical tanker with a deadweight tonnage of 16,456 tdw
is initiated as a joint project together with the
shipping company partner W-O. In this co-operation the Hanseatic Lloyd Reederei is responsible for the placing of the equity capital and for
the KG-market. The shipping company partner,
as the authorised ship operator, is responsible
for operation of the ship on behalf of the joint
project.
2008: The Panmax container ships MV “HLL
Arctic” and MV “HLL Caribic” are delivered
from the shipyard in April and put into service.
They are followed in June by the identical
sister ships MV “HLL Pacific” and MV “HLL
Adriatic”.
2009: On 16th March, the Founder and Chairman of the Hanseatic Lloyd Group as well as
the co-founder and shareholder of the Hansa
Mare Reederei, Harro Kniffka, passed away.
The business affairs of the Hanseatic Lloyd
Group are now conducted by his eldest son,
Justus Kniffka, as well as by the experienced
and long-serving Management Board.
2010: From June, Hanseatic Lloyd assumes
responsibility for the whole commercial ship
management incl. chartering out for the three
partnership projects initiated in the years 2005
to 2007. The three W-O one-ship companies are
re-named and are given the prefix “HLL”.
The Hanseatic Lloyd Group –
The Management
Henner Lothar
Chairman and Chief Executive Officer of
Hanseatic Lloyd AG, Uttwil/Switzerland.
Mr Lothar has worked for Hanseatic Lloyd
since the year the company was founded.
Prior to that he was a member of the Board of
Management of an international ferry company.
Having been employed in various management
positions, Mr Lothar is familiar with the international liner shipping business in the sectors
of containers and Ro-Ro.
Justus Kniffka
Member of the Board of Directors of Hanseatic
Lloyd AG, Uttwil/Switzerland. Justus Kniffka
is a qualified shipping businessman with the
special subject of liner shipping and a Member
of the Institute of Chartered Shipbrokers
(MICS). He joined the Hanseatic Lloyd Group
in February 2009. Prior to that he worked as
a Competitive Broker in Asia.
Norbert Schuster
Chief Financial Officer of Hanseatic Lloyd AG,
Uttwil/Switzerland. Norbert Schuster joined
the group in January 2010. He is responsible
for finance, controlling, IT and HR of the group.
Mr Schuster has more than 25 years corporate
and asset finance experience. Most recently
he was Global Head of Asset Finance with
a German bank, responsible for structuring
finance solutions of long term assets, especially for the transportation industries.
Christian Jäkel
Managing Director of Hanseatic Lloyd Chartering,
Hamburg/Germany. Mr Jäkel has worked for
Hanseatic Lloyd for six years and is responsible
for chartering out the container ships of the
Hanseatic Lloyd Reederei and of the Hansa
Mare Reederei. He has been working in the
shipping business for more than two decades,
thereof many years as a Competitive Broker.
Mr Jäkel maintains a world-wide network of
shipping contacts and has the hands-on experience of many negotiations and concluded
fixtures.
Thorsten Mackenthun
Managing Partner and co-founder of the companies Hanseatic Lloyd Reederei and Hanseatic
Lloyd Schiffahrt, both with their head offices in
Bremen/Germany. Mr Mackenthun is a qualified
shipping businessman and business administrator. He is responsible for marketing, sales and
ship management of the German subsidiary
companies. He is also Managing Director of the
Hansa Mare Reederei, Bremen/Germany. Since
July 2007, Thorsten Mackenthun is the Chairman
of the Bremen Shipowners’ Association (Bremer
Rhederverein) and since December 2008 member
of the Supervisory Board of the German Shipowners’ Association (VDR), Hamburg/Germany.
Burkhard Rösener
Managing Partner and co-founder of the companies Hanseatic Lloyd Reederei and Hanseatic
Lloyd Schiffahrt, both with their head offices in
Bremen/Germany. Mr Rösener is a qualified
banker and holds a master’s degree in business
administration. He is an acknowledged expert in
tax and financial questions and plays a decisive
role in the structural planning of projects for the
German capital market. He is responsible for
the fields of finance, controlling and organisation of the German subsidiary companies.
Mr Rösener is also Managing Director of the
Hanseatic Lloyd Holding and Hanseatic Lloyd
Handel, Bremen/Germany.
13
Greetings
Dear Business Friends,
“For everyone involved in shipping in a professional capacity, the last trace of romanticism
and adventure has blown away. Shipowners,
who have always been said to have something
of a pirate mentality, have turned into sober
reckoners in the face of the losses incurred
by their ships throughout the world. Lloyd’s
Register of Shipping comes to the conclusion:
‘Global maritime shipping has been hit by the
severest economic crisis of the past 50 years.’
Lloyd’s does not see any silver lining: ‘The
almost incalculable influences deriving from
technical development, economic and political
factors make it difficult to risk any predictions
about a recovery of this branch of business.’
Numerous ships are laid up, bob up and down
in lonely bays and in the roadstead, or are
steaming over the oceans at slow speed without employment in the hope of finding cargo
somewhere. The Vice-President of a big ship
financing bank declared – with unusual frankness for a banker – that shipowners would
have to take steps to strengthen their financial
basis as the lending banks saw themselves
compelled to substantially tighten their criteria
for ship financing agreements. He predicted:
‘A number of banks are going to pull out of this
business altogether.’
For the financing of ships has become risky,
as the overtonnage situation means that many
shipping companies can hardly earn enough to
cover their operating costs any more – let alone
financial services.”
Does that sound familiar to you? No, well the
text cited here in quotation marks is not of
recent date but originates word for word from
a press article that was published more than
25 years ago on 10th August 1984 in the journal
“Wirtschaftswoche” and was entitled ‘On course
for chaos’. Even if we are currently caught up in
an economic turnaround and the world is apparently recovering from the latest economic crisis
faster than had initially been expected, with
this article we would like to remind you of the
following: the current crisis, which according
to the forecasts reached its lowest ebb in
October 2009, is not the first crisis that hit
shipping hard and had to be overcome. We
need only remember the oil crises in the 1970s,
which resulted in 1.7 million tdw of tanker tonnage being laid up in Gelting Bay. At that time
just as today, a significant oversupply of transport capacities already in service or on order
was responsible for the depth of the effects of
the crisis in our industry sector.
We at Hanseatic Lloyd are very much aware
of the implications of our entrepreneurial decisions. We plan the size and the expansion of
our fleet in orientation to the market and with
moderation and for this reason we refrained
from investing in new ship projects in the past
few years.
Last year we wrote at this point that we are
convinced that the current crisis will not permanently apply the brakes to the long-term
trend of economic growth and that we expect
to see the market bottom out and thus reverse
its trend from 2010. In its forecasts published
in April 2010, the IMF reckons with global economic growth of plus 4.2 %, which would once
more be higher than the long-term average. The
predicted recovery would equally affect all the
leading economic nations. In the case of global
trade the reversal of the trend is even more
clearly marked; after about minus 11 % in the
prior year, the institute reckons with growth
of 7 % in 2010.
The development of global oil consumption
also speaks in favour of a recovery of the global
economy: after a minus of 1.5 %, analysts are
reckoning with a plus of 1.8 % for 2010. Oil
prices, which slumped from their peak of almost 140 US-Dollars p.b. (per barrel) in 2008
to 40 US-Dollar p.b. in 2009, have currently already again reached the high level of the end
of 2007 at approx. 70 US-Dollar p.b. Even
bigger swings in growth are to be seen in
the field of oil products. After a sharp setback of minus 3.2 % in this segment in the
year 2009, the predicted relative growth of
2.4 % in 2010 again corresponds to the level
recorded in the year 2008.
Our task has been to guide our ships, our crews
and the company safely through the economic
crisis of the past two years. Today we again
stand at the beginning of a gradual upswing.
What is important for shipping in the year 2010
is that the global economy and with it global
trade will continue to recover and stabilise and
that the associated demand for marine transport services again rises substantially. Only
then can and will investments again be made
in newbuildings.
Our objective is to grow further – but at the
same time we stick to our maxim of “quality
not quantity”. This was so in the past and still
holds true for the future.
Our thanks go to you who have supported us in
our business philosophy as well as to the whole
Hanseatic Lloyd team.
Uttwil/Switzerland, May 2010
The Board of Directors
Henner Lothar
Chairman
Justus Kniffka
Member of the Board of Directors
15
Foreword
Dear Reader,
In 1983, when one of the most serious shipping
crises of the past century was already fully foreseeable, George Livanos – in those days one of
the biggest shipowner in Greece – stood up to
give his eagerly awaited speech as the main
speaker at the annual meeting of the International Maritime Forum in London. He went
to the speaker’s desk and gave this legendary
speech which consisted of two words; “Don’t
worry!” he said and sat down again.
The latest financial and economic crisis had
also reached a hitherto unknown dimension –
because it was global and thus for the first time
made it clear how closely interwoven the global
economy has meanwhile become. This interweaving has hitherto been seen as an opportunity and – if at all – as a risk only up to a point.
In this context we all know that opportunities
and risks always arise at the same time.
The topic of “globalisation” is however nothing
new for international shipping – shipping has
always been global. Can shipping perhaps be
more laid back about the cyclical, economic
fluctuations, because it has been used to them
for centuries? In our foreword last year we
quoted the Director of Clarkson Research,
Martin Stopford, with the following words:
“The 22nd shipping crisis since 1741 will of a
certainty be followed by the 23rd upswing.”
16
We stand at the beginning of an upswing. Shipping did not experience a structural crisis, but
simply passed through a deep pit of a slump the
turning point of which has now been reached.
“Land in sight”, is how current figures as well
as predictions can be interpreted from the
viewpoint of shipping. The number of positive
news reports again outweighs the negative
news and expectations are being corrected
upwards – even though to different extents.
Thanks to a renewed upturn in the global
economy since the beginning of the year,
a recovery of international trade can now
be ascertained.
But not only the forecasts of the IMF set an
optimistic tone. The countermeasures initiated
by the shipowners to combat existing overcapacities are also contributing to a recovery of the
shipping markets. The industry fought to bring
supply and demand back into balance. It is a
well-known fact that the creativity of people
to find solutions to problems and thus the learning curve is at its highest during times of crisis.
The finally positive developments in the recent
past can be attributed to slow steaming, cancellations or at least later deliveries as well as
the scrapping of ships. According to Clarkson
Research, 1,014 ships were scrapped in 2009
throughout the world – including 192 container
ships with more than 364,000 TEU – that is
more capacity than was scrapped in total in
the past 13 years. For 2010 Clarkson expects
the scrapping of 31.5 million tons in 2009 to
increase further with tankers accounting for
the largest share at some 35.8 million tons.
The slow steaming cited above reduces fuel
consumption of a Panmax ship of the 4,000 TEU
class by approx. 60 tons per day, which at the
present bunkering costs of USD 450 per ton
leads to savings of approx. USD 27,000 per ship
operating day for the liner shipping companies.
This saving gives the liner shipping company
the possibility to maintain the frequency of
sailings despite slow steaming by means of
additionally deployed ships. And the growing
demand for transport capacity in the AsiaEurope sector is also inducing the liner shipping
companies to put hitherto laid-up ships back
into operation, to stock up existing services as
well as to open up a significant number of new
services. Altogether reports indicate an increase
in the volume of Far East-Europe traffic of 20 %
to approx. 3.1 million TEU. This is the highest
increase in capacities in this sector since
September 2008. More and more ships are
finding their way back into employment. In
the months from February to April 2010 alone,
the services with the highest demand are said
to have absorbed almost 100 ships.
Whereas at the beginning of January the research company Alphaliner was still stating
581 ships in the idle fleet with a capacity of
1.51 million TEU, in its latest publication in
May this figure was put at only 263 ships and
a TEU capacity of 0.5 million. In our opinion a
sustained recovery in container shipping has
set in for the liner shipping companies and on
the basis of the predicted figures for global
trade this trend should also after a certain time
lag again lead to more adequate charter rates
for the tramp shipping companies.
The effects of the global economic crisis had a
delayed negative impact on the tanker market;
as we see today, charter rates hit their low until
November and December 2009. For the tanker
sector, 2010 will definitely be a difficult year.
Nevertheless, here too we see signs for a gradual recovery of the markets. As things appear at
present it must be assumed that charter rates
in 2010 will persist at roughly the present level
and that an improvement can be reckoned with
from 2011. This assumption is based on the one
hand on the expected rise in cargo volumes in
Asia and in the Arabian Gulf as well as on the
belief that more financial resources will be
made available for trade in products. Some of
the orders for newbuildings have also already
been cancelled and this is likely to be followed
by further cancellations 2010 and 2011. The
topic of slow steaming is also increasingly gaining in importance in the tanker market with a
view to a more balanced supply and demand
relationship.
The shipping business did not waste the time of
the crisis. For besides the economic challenges
in the most recent past, it was important not to
lose sight of the long-term tasks requiring solutions. And each crisis also entails chances. The
tight market conditions have led to technical,
economic and environmental-policy measures
and steps which improve efficiency on shore as
well as on board. Thus for example the already
unrivalled environmentally-friendly means of
transport “ship” is being developed further in
the direction of “emission-free” and the undoubted long-term growth in transport volumes
in global trade will be accompanied by reduced
emissions.
Especially in the light of turbulent times, our
conservative business policy to forge ahead
fast with reducing the debt burden on each ship
must be considered as the right course. And
part of this is in particular also to strike the
right balance between dividend payments to
limited partners and the provision of liquidity
in the company. Ships that have adequate financial reserves and are chartered out to wellknown names on a long-term basis so that
their revenues are secured, as is the case with
Hanseatic Lloyd, can also survive difficult market phases without serious damage. In this way
during the reporting year, notwithstanding the
difficult economic background, we were able
to pay out a total of EUR 4.85 million to our investors and thus despite the markets being in
decline we achieved average dividend payments of 3.8 %.
Finally we would like to refer once again to the
“2-word speech” of George Livanos which we
mentioned at the beginning. We take the liberty
of supplementing this and of lengthening it by
300 %:
“Don’t worry – what goes down, will come up!”
Our special thanks go to all investors and business partners as well as to our employees at
sea and ashore for their confidence in us and
their co-operation. The Hanseatic Lloyd Group
will also in future pursue the target of developing successful projects with you and for you in
the long term.
Bremen, May 2010
The Management Board
Thorsten Mackenthun
Burkhard Rösener
17
The Market
The Market – General
The global economy
After the worst recession for decades reached
its lowest ebb in the year 2009, the extensive
governmental economic stimulus programmes
as well as the low interest rate policy are now
showing effect. The signs of an economic turnaround that have been evident since mid-2009
are being increasingly confirmed. In the first
quarter of 2010, the recovery in the euro zone
and in the USA even turned out to be strong.
According to the experts of the International
Monetary Fund (IMF), the rest of the world is
also apparently overcoming the pit of the slump
faster than had initially been expected, but to
different extents and at different speeds in the
individual economic regions. The IMF corrected
its originally predicted global economic growth
of 3.1 % for the current year upwards to 4.2 %
and is forecasting growth of 4.3 % for the year
2011.
In the wake of the growth of the global economy,
a gradual upward trend is also to be expected
for global trade. After the latter slumped by
more than 10 % in the year 2009, the analysts
are again predicting growth of 7.0 % for the
year 2010 as well as of 6.1 % for the year 2011.
According to an IMF forecast, the most important industrial nations and communities of
states will again be able to record economic
growth for the year 2010. Expectations are that
the economic recovery of the advanced industrial nations will progress more slowly while the
economic activities of the threshold countries
will develop more dynamically and more strongly. In this context, the role of the emerging economies of Asia must be emphasised – especially
China proved to be a stabilising factor in the
crisis.
In the year 2009, in contrast to the other industrial nations the development of the Chinese
economy reached a plus of 8.7 %. In its forecast dating from April 2010, the IMF put expected economic growth for China in 2010 at 10.0 %
and in 2011 at 9.9 %.
20
According to predictions regarding the number
of containers handled containing Chinese exports, in the current year it is assumed that this
will grow by 19 %, with imports growing by as
much as 25 %. According to some analysts, growing inner-Asian trade and the China-ASEAN
free trade agreement that came into force in
January 2010 are likely to increase Chinese
imports from neighbouring countries by 25 %.
For the first time in six years the official news
agency Xinhua reports a trade deficit in March
2010 of EUR 5.4 billion, which is also accounted
for by the enormous imports of raw materials.
The way of the United States of America out of
the recession is taking on increasingly concrete
form. After a weak year 2009 with a decline in
growth of 2.4 %, the initiated measures are now
taking effect through extensive state economic
stimulus programmes and improved financial
parameter conditions. For the year 2010, the
IMF is forecasting economic growth of 3.1 %,
and puts growth in 2011 at 2.6 %.
At present the European economy is losing
dynamic impetus. To compensate for this, at
the last EU Meeting of the heads of state and
heads of government it was agreed to maintain
the economic stimulus programmes until the
economic recovery could be considered to be
assured. In the year 2009, the euro zone lost
economic strength. Moderate growth of 1.0 %
is expected in 2010 and of 1.5 % in 2011.
After a very difficult year 2009 for Germany
with a decline in the economic result of 5.0 %,
here too as in the USA the economic stimulus
programmes involving a total outlay of EUR 85
billion are now beginning to bite. For the current year, the IMF is again predicting growth in
economic performance of 1.2 %, and expects
this to continue in 2011 at 1.7 %. The renewed
rise in demand from Asia is again providing
grounds for increasing optimism in the container trade.
Economic growth
(GDP) in %
2008 2009 2010* 2011*
USA
+ 0.4 - 2.4 + 3.1 + 2.6
China
+ 9.6 + 8.7 + 10.0 + 9.9
Japan
- 1.2 - 5.2 + 1.9 + 2.0
India
+ 7.3 + 5.7 + 8.8 + 8.4
Russia
+ 5.6 - 7.9 + 4.0 + 3.3
Brazil
+ 5.1 - 0.2 + 5.5 + 4.1
Europ. Union + 0.6 - 4.1 + 1.0 + 1.5
Germany
+ 1.2 - 5.0 + 1.2 + 1.7
Latin America + 4.3 - 1.8 + 4.0 + 4.0
Whole world + 3.0 - 0.6 + 4.2 + 4.3
Global trade + 2.8 - 10.7 + 7.0 + 6.1
Source: IMF Database, World Economic Outlook, April 2010
* forecast
The global merchant fleet
More than 95 % of intercontinental trade goes
by sea. To handle this, at the end of 2009 there
were more than 53,912 ships in service worldwide that are bigger than 100 gt and are not
fishing vessels, tugs or other water craft. Across
all ship types, the global merchant fleet grew
by 7.0 % over the prior year to reach a total
deadweight tonnage of almost 1,236 million tdw.
In the past few years the global merchant fleet
has grown continuously together with the volume
of cargo. When the global economic crisis started, the cargo volumes of raw materials began
to shrink enormously, especially in container
traffic. The various ship segments were burdened by overcapacities of different magnitudes
that demanded countermeasures. Consequently
for example newbuilding programmes were
stopped or orders were converted to other ship
segments and obsolete ships were increasingly
scrapped. In container shipping, more tonnage
was scrapped in 2009 than in the years from
2000 to 2008 taken together.
The Market – Container Shipping
Global merchant fleet 2009
by deadweight tonnage
Tankers 36 %
Container ships 14 %
Ro/Ro general cargo vessels 8 %
Others 4 %
Bulk carriers 38 %
Source: Clarkson Shipping Intelligence Weekly, May 2010
In terms of the number of ships, the tankers and
bulk carriers account for the largest shares of
the global merchant fleet. In terms of deadweight tonnage (tdw), bulk carriers currently
lead the fleet with 38 % (see chart).
The global container ship fleet
The ongoing growth of the fleet of container
ship tonnage continues in the year 2009. However, demand for container tonnage was greatly
reduced in the light of the downswing in global
trade and the consequence for shipowners was
that planned ship deliveries were postponed,
construction contracts were converted to other
types of ship or completely cancelled in attempts
to counteract the pending overcapacity.
The annual growth rate of container handling in
the past 20 years averaged approx. 10 %. As a
direct consequence of the waning global economy and of the decline in global trade, 2009 was
the first year in which the global volume of container handling decreased. As compared with
2008 this dropped from 499 million TEU (twenty
foot equivalent unit) to 449 million TEU – this
corresponds to decrease in container handling
by 50 million TEU. With the recovery of global
trade since the beginning of the year, the volume
of container handling has picked up again and
Clarkson Research predicts growth of some
6.5 % to a total of 478 million TEU for the year
2010. For the following year, Clarkson is currently forecasting an increase to as many as
523 million TEU handled, which would correspond to further growth of approx. 9.5 %.
Container shipping
In the past 30 years, it has in particular been
container shipping that has benefited from
globalisation and from the ongoing growth of
transports in containers. In the past, the growth
rates of container traffic have always been
higher than those of the global economy and
of global trade.
Growth rates
of major maritime ratios
15 %
Global economy
Global seaborne trade
Global trade
10 %
5%
0%
-5 %
-10 %
-15 %
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009 * 2011*
Source: IMF und Clarkson, April 2010
* forecast
21
The chart below provides an overview of delivered and pending TEU capacities in per cent as
well as in million TEU in terms of global tonnage.
For the years 2009 to 2012, the changed predictions are shown in a second bar chart and indicate the postponement and/or the change with
regard to the planned delivery of container tonnage.
The analysts at Clarkson estimate that 45 % of
the orders for container ships that were originally to have been delivered in 2009 were not
completed within the envisaged time frame.
For the segment under 1,000 TEU, this figure
increases to as much as 70 %. According to a
prediction by Alphaliner, the increase in tonnage
was expected to be 13.4 % and thus surpass
the figure for the prior year by 0.2 %. In fact
however, growth of the fleet turned out to be
lower. Alphaliner has currently corrected its
assessment for the year 2009 to a growth figure
of only 5.6 %. This low figure was in the end
also reached as a result of the postponements
of deliveries of tonnage in 2009, in which case
this effect does not represent any long-term
easing of the situation in the container market.
The scrapping of old tonnage in 2009 is also
having a positive effect on slowing growth of
the fleet. A total capacity of 364,000 TEU was
scrapped, which corresponds to a scrapping
quota in global tonnage of some 2.9 %.
The overall capacity of the ordered newbuildings in April 2008 was still 61 % of the global
fleet in operation and shrank as a consequence
of cancellations, conversions of orders and
postponements to a present figure of 34 % of
the global fleet currently in service. Except for
two relatively small feeder ships, no further
orders for container ships have been received
by the shipyards world-wide since the end of
September 2008.
The charter market
The charter market for container ships was at a
historically low level for new contracts throughout the year 2009. The rates achieved could not
cover the operating costs in any of the segments.
The stabilisation of the global economy and the
associated resurgence of global trade have put
an end to the negative trend since the beginning of December 2009. Economic stimulus
measures of the various governments supported the national economies and in particular
countries in Asia, above all China, returned
more or less to their former growth rates. This
has led to increased transport volumes for the
liner shipping companies and since about the
beginning of November 2009 capacity utilisation on the ships is again very high.
In the development of the order book of the
global container ship fleet it can be seen that
the trend to ever larger ships is continuing.
The average size of ships in service is some
2,754 TEU; in contrast the ships under construction have an average size of approx.
5,885 TEU.
Status and preview
of cellular fleet growth
million TEU
% growth
million TEU
20 %
12.4 %
13.4 %
12 %
6.8 %
5.4 %
5.6 %
5.3 %
14 %
9.3 %
13.2 %
12.8 %
8
6
16 %
9.1 %
9.5 %
10
18 %
9.6 %
9.1 %
12
8.9 %
12.2 %
14
10.6 %
16
13.9 %
16.1 %
18
4
8%
6%
4%
Original 2012*
revised 2012*
Original 2011*
revised 2011*
Original 2010*
revised 2010*
Original 2009*
End of 2009
End of 2008
End of 2007
End of 2006
End of 2005
End of 2004
End of 2003
End of 2002
0%
End of 2001
0
End of 2000
2%
End of 1999
2
Source: AXS-Alphaliner, May 2010
* forecast
22
10 %
It was possible to achieve the so important increases in freight rates step by step through the
scarcity of tonnage. The growth in the volume of
cargo in the last two months of the year 2009
roughly corresponded to an increase of 15-20 %
in comparison with the same months of the
year 2008.
The market was given further support through
a higher level of scrapping of some 2.9 % of
the fleet as well as through drastic cost-cutting
measures of the lines in connection with fuels.
The so-called “slow steaming” of the ships in
the liner services on the one hand significantly
reduces fuel consumption of the ships and on
the other hand it ensures additional demand for
tonnage in order to guarantee the frequency of
sailings in the shipping services. Slow steaming generated an additional need for tonnage
of approx. 2-3 %. There was consequently
increased demand in the market for ships over
3,500 TEU, which has led to slowly improved
charter rates in this segment that meanwhile
are again higher than the level of operating
costs. Smaller ships that can be deployed in
niche services were also able to benefit from
improved conditions within the Asian trades,
albeit at rates that continue to be lower than
the operating costs.
Even so it is still not possible to speak of a
recovery of the charter markets as the overcapacities built up through the year 2009 in
the form of laid-up ships are only slowly being
reduced. Whereas in January 2010 581 container ships with a capacity of 1.51 million TEU,
corresponding to 11.6 % of the global fleet,
were still without employment, the share of
laid-up container ships then shrank to 263 units
with a capacity of 549,000 TEU or 4.1 % of the
global fleet. This is the lowest figure recorded
by Alphaliner since the beginning of February
2009. The average length of the agreed charter
periods overall size classes in an overall view
of the year 2009 was 130 days.
Contrary to the original forecast that in 2010 a
slight improvement in charter rates would not
set in until the end of the year, there are now
signs of a substantially earlier recovery. After
the index had hovered around the level of some
333 points for almost three months, since the
beginning of 2010 it has risen slightly but continuously. On 31st May 2010 the index was
published at 497 points – and still going up.
The following data from the Howe Robinson
Containership Charter Hire Index taken together
reflect the development of rates for container
ships up to and including the Panmax-size class.
The Howe Robinson Containership Charter Hire
Index started the year 2009 at 487 points. After
that the Index fell by more than 30 % and in
November it reached its provisional lowest
figure since recording began at 329 points.
Howe Robinson Containership Charter Hire Index
of the last 8 years
Source: Howe Robinson, Containership Weekly update, May 2010
23
As Hanseatic Lloyd Chartering is not only
responsible for the chartering out of the
Hanseatic Lloyd Panmax container ships but
is also exclusively responsible for chartering
out the Hansa Mare fleet, this charter market
report will take a closer look at the development of the ships starting from the Panmax
class and going down to the 1,000 TEU class.
The development of charter rates for
container ships of the 4,000 TEU class
In the Panmax class (3,900 to 5,100 TEU),
charter agreements were concluded only very
sporadically in the year 2009. The charter
periods fluctuated between one to max. six
months and the charter rates persisted at a
low level between USD 5,800 and USD 6,500
gross p.d. The liner shipping companies let
charter contracts expire in order to keep their
own tonnage in employment. Since the beginning of 2010, the number of charter contracts
concluded has risen again, although until the
end of February 2010 the achievable charter
rates remained at the level of the year 2009.
In March of this year, the rates increased significantly reflecting the upsurge in demand and
at the end of May 2010 they had reached approx. USD 22,000 gross p.d. for twelve-month
contracts with an ongoing rising trend.
At present 659 ships in the size class from
3,900 to 5,100 TEU are in operation world-wide,
of which one ship is currently not chartered out
and a further 28 are without employment. Of
121 ordered newbuildings scheduled for delivery by the year 2012, 21 ships are currently
without a charter.
The development of the charter rates for
Charters were only concluded very sporadically
in this size class in the year 2009. Here too, the
liner shipping companies were letting more and
more charter contracts expire to be able to employ their own tonnage, which added further to
the number of unemployed ships.
24
The charter periods were very short at up to
six months. At the beginning of the year the
charter rates initially reached a level of approx. USD 8,000 p.d., which weakened to approx. USD 5,000 gross p.d. by mid-year. In
November 2009, the rates level fell further to
approx. USD 4,500 gross p.d. and stayed at this
level until March 2010. The liner shipping companies were chartering ships for flexible charter
periods from two to twelve months or were
booking charter ships for individual round trips.
A slight recovery in demand since the start of
the year 2010 can be explained by an improvement of conditions in the whole market, however this segment is still the worst affected by
overcapacities. Charter rates in this class are
making progress – even if very slowly – and are
currently in the region of approx. USD 7,000
gross p.d. for charter periods of twelve months.
At present, 545 ships in the size class from
2,400 to 2,999 TEU are in operation world-wide,
of which 40 ships are currently not chartered
out and a further 29 are without employment.
Of 35 newbuildings scheduled for delivery by
the year 2012, 23 ships are currently without
a charter.
The work horse among the feeder ships, the
segment of the 1,700 TEU size class, had to
overcome severe cuts in rates in the reporting
year 2009. When any new charter contracts
were concluded, the charter periods were very
short at one to six months. Whereas rates of
approx. USD 5,000 to 6,000 gross p.d were
being achieved at the start of the year 2009,
by the end of the year the rates level had fallen
to approx. USD 4,100 gross p.d. May 2010 saw
the charter rates rise to approx. USD 5,500 gross
p.d. and the charter periods lengthened to up to
twelve months.
Currently 501 ships are in operation world-wide
in the size class from 1,470 to 1,799 TEU, of
which 39 ships are not chartered out at the
moment and a further 17 are without employment. Of 25 newbuildings scheduled for delivery by the year 2012, 19 ships are currently
without a charter.
For this size class, the year 2009 started with
achievable daily charter rates of approx. USD
4,000 to 4,250 p.d. and ended with a very weak
level of approx. USD 3,600 gross p.d., substantially lower than the ship operating costs. As in
the 1,700 TEU class, the charter periods were
extremely short at one to six months, and here
too in some cases the ships were only chartered for individual short trips. In view of the abundant supply, the charterers were able to choose
the tonnage entirely in accordance with their
requirements and gave preference to modern
tonnage that frequently also offered lower consumption in comparison with the older ships.
The number of older ships without employment
soared. The first quarter of the year 2010 shows
a similar picture. As a result of somewhat improved conditions in Asian short-sea traffic, the
achievable charter rates in this segment rose
to approx. USD 5,000 gross p.d. and the charter
periods lengthened to up to twelve months.
Even so the achievable charter rates for the
feeder class will only improve slowly in the
short to medium term.
At present 733 ships in the size class from
830 to 1,199 TEU are in operation world-wide,
of which 46 ships are currently not chartered
out and a further 15 are without employment.
Of 59 newbuildings due for delivery by the year
2012, no charter contracts have yet been concluded for 51 ships.
The Market – Tanker Shipping
The tanker size classes
VLCC & ULCC
Suezmax
Aframax
Panmax
“Handy”
“Small-Handy”
in tdw
> 200,000
130,000 to 200,000
(typical 150,000)
80,000 to 130,000
(typical 105,000)
60,000 to 80,000
30,000 to 60,000
10,000 to 30,000
Tanker shipping
Throughout the world liquid cargoes are the
goods that, in terms of quantity, are transported
most. To reduce costs, for example, crude oil is
transported in tankers that are as large as possible. In the transport context, as a rule the size
of the ships steadily decreases from the producing country to the destination or after processing. On the other hand the requirements to
be fulfilled by the equipment of a tanker when
carrying already processed oil products become
more stringent.
The medium transport distances are served by
Suezmax (130,000 to 200,000 tdw) and Aframax
ships (80,000 to 130,000 tdw). On the shortsea connections, Panmax tankers (60,000 to
80,000 tdw) and smaller types of ship (Handysize or Small-Handy-size) are used.
Deadweight tonnage
by types
The tanker fleet breaks down into crude oil
tankers, product tankers, chemical tankers and
gas tankers. But there are no rigid demarcations for cargoes of a particular tanker type.
Depending on the nature of the cargo hold of
the ship, already “refined products” can also
be transported. Here a distinction is made between “clean products” such as naphtha, kerosene, gas oil and diesel oil and “dirty products”
such as heavy oils and bitumen.
Gas tankers 8 %
As crude oil is a mass product, crude oil tankers
account for the greatest share in terms of the
deadweight tonnage of all tankers at 66 %
(see chart above). Ships with a large carrying
capacity are especially in demand for transports
from the producing country to the refinery.
Crude oil tankers 66 %
Product tankers 11 %
Chemical tankers 15 %
Source: VDR; Data of German Maritime Shipping,
2010 edition
Number of tankers
by types
Product tankers 36 %
Gas tankers 11 %
Crude oil tankers 18 %
Other tankers 1 %
Chemical tankers 34 %
Source: VDR; Data of German Maritime Shipping,
2010 edition
Over long distances, crude oil is transported in
so-called ULCCs and VLCCs (= Ultra Large Crude
Carriers and Very Large Crude Carriers). These
ships have a deadweight tonnage of 200,000 tdw
and more.
Transport volumes of crude oil and oil products
in million tons
Oil products
Crude oil
9 % p.a.
approx. 2.
2005: +3.5 %
2006: +3.5 %
2007: +2.8 %
2008: +0.5 %
2009*: -1.7 %
Source: ISL, November 2009
* forecast
25
The Market – Tanker Shipping
Deadweight tonnage in tdw
Total number of tankers
- of which with double hull
- of which single-hull tankers
- of which with double hull
older than 20 years
Scrapping potential
Order book
Replacements
Forecast class growth
until 2013
VLCC & ULCC
> 200,000
540
447
93
Suezmax
130,000-200,000
395
362
33
Aframax
80,000-130,000
837
780
57
Panmax
60,000-80,000
389
352
37
Handy
30,000-60,000
1,733
1,537
196
Small-Handy
15,000-20,000
532
425
107
0
17 %
197
212 %
9
11 %
153
364 %
19
9%
161
212 %
12
13 %
84
171 %
86
16 %
420
149 %
17
23 %
146
118 %
19 %
28 %
10 %
9%
8%
4%
Source: Clarkson Research Studies, Oil & Tanker Trades Outlook, April 2010
Transporting the already processed products requires product tankers, which feature special
tanks as compared with crude oil tankers. In
terms of number, the product tankers make up
the largest share in the tanker fleet at 36 %
(see chart on page 25). This type of ship can in
many cases be used universally and is required
for transports to the consumer countries.
In the past liquid goods increased on average
by approx. 2.9 % per year paralleling global
growth. For the year 2009 the experts of the
Institute of Shipping Economics and Logistics
(Institut für Seeverkehrswirtschaft und Logistik,
ISL) reckon with an overall decline in the transport volumes of some 1.7 %. The final results
have yet to be published. For the first time
since the year 2002, a decline in the transport
volumes of crude oil and oil products is expected in the wake of the global economic crisis
(see chart on page 25).
For 2010, the experts of the International
Energy Agency (IEA) again predict an increase
in global oil consumption. Whereas in 2009
only 84.9 million bpd (barrel per day) of crude
oil were consumed world-wide, the IEA puts
the figure for 2010 at 86.5 million bpd, corresponding to an increase in crude oil consumption of approx. 1.8 % over the prior year.
This figure would again surpass the average
crude oil consumption from the year 2008.
26
Besides the increasing transport volumes of
mineral oil products, liquid goods will probably
also develop positively in 2010. Experts are today assuming that all the rapeseed oil produced
in the EU will be used for bio-diesel to be able
to meet the requirements of the EU-Biofuel
Directive. In Germany for example the share in
biofuels increases by 0.25 % a year and is expected to have reached a share of 8 % of overall consumption by the end of 2014. By the year
2020, this figure is expected to rise to 10 %.
The foodstuffs industry is therefore today already compelled to shop for its rapeseed oil on
the international markets. This creates transport requirements, which in the opinion of the
experts can be covered by Small-Handy-size
tankers.
The global tanker fleet
In the tanker fleet, the number of ships in the
different size classes develops depending on
the trade route and corresponding orders. In
terms of deadweight tonnage, 36 % of the
global merchant fleet is accounted for by
tankers. As of 31st December 2009 a total
of 13,518 tankers with a total deadweight
tonnage of 498 million tdw were in service.
The age structure of the tanker market at the
end of the first quarter of 2010 is as follows:
13 % of all tankers currently in operation worldwide are more than 20 years old. The tankers of
the Hanseatic Lloyd fleet belong to the group of
the Panmax- and Small-Handy-size segments.
The Small-Handy segment is divided into the
following four sub-sizes in terms of tdw: 10,000
to 15,000, 15,000 to 20,000, 20,000 to 25,000
and 25,000 to 30,000. The Hanseatic Lloyd tankers
belong to the group of the Small-Handy-size
tankers with a deadweight tonnage of 15,000
to 20,000 tdw or to the Panmax group. In the
segment of these Small-Handy-size tankers,
ships that are more than 20 years old account
for a share of 19 % and in the segment of the
Panmax tankers for a share of 10 %. The average
age of the whole tanker fleet is nine years.
At present, 107 ships of the 532 tankers in the
Small-Handy-size class (15,000 to 20,000 tdw)
and another 37 ships of the 389 Panmax tankers
still operate as single-hull tankers, which are
hardly used any more by the oil majors and are
therefore no longer available to the market.
Furthermore, this fleet still includes 17 doublehull tankers in the Small-Handy-size segment
as well as 12 in the segment of the Panmax
tankers that are more than 20 years old. For
economic reasons as well as in consequence
of international regulations of the IMO (International Maritime Organization, a sub-organisation of the UNO) applicable to tanker shipping, the scrapping potential is as shown in
the above table.
It can be seen from the current order book for
tankers that newbuilding orders currently exist
for all segments. The number of the new orders
in the fields of the Small-Handy-size tankers
(15,000 to 20,000 tdw) as well as of the Panmax
tankers is however negligible and taking account
of the scrapping potential, tonnage growth in
these two size classes is a moderate 4 % and
9 % respectively.
This being so, the prospects of employment for
these two ship classes after a recovery of the
global economy must be seen as good.
The charter market
The year 2009 began relatively well for the
tanker markets. The reason why they did rather
better than the shipping markets of container
ships or bulk carriers was a number of special
effects, which however were in the final analysis
destined to lose power in the medium term. On
the one hand oil traders were chartering crude
oil tankers in order to use them as floating storage units, which initially benefited utilisation of
the fleet and thus also the charter market. On
the other hand several national economies were
at the same time taking advantage of the fallen
oil prices to replenish their national oil reserves.
However the tanker markets came under growing pressure as the year 2009 advanced, and
this also affected the Handy-size and the Panmax-size classes. The overcapacity caused by
the reduced demand in the tanker markets led
directly to a sharp slump in charter rates. The
wide choice of tonnage inevitably increased the
need for positioning trips as well as entailing
waiting periods between charter trips for the
tramp shipping companies and this all led to
increased costs and thus a reduction of the
average daily charter rates. This can be exemplified by an overview of the development of
charter rates on the basis of the rates achieved
by the Hanseatic Lloyd Group in the year 2009
for the Small Handy- and Panmax-size classes.
Small-Handy-size tankers
During the reporting year, the global charter
markets for Small-Handy-size tankers came
under heavy pressure due to the massive decline
in the demand for crude oil and oil products.
While in January 2009 it had still been possible to achieve net charter rates of around
USD 14,500 p.d. and ship in the pool, by April
this figure had dropped to an initial low of just
under USD 10,000 p.d. For a short while the
charter rates then managed to rally again to
some USD 13,000 until July but then plummeted until the end of the year reaching a
low in December 2009 of USD 3,100 p.d. This
corresponds to a drop in rates of approx. 79 %
in the market of the Small-Handy-size tankers.
Since the beginning of January 2010, a slight
increase in demand means that higher charter
rates are again being earned in the spot market
and the average level of charter rates in the
first quarter of 2010 was again in the region
of USD 10,000 p.d. Insofar any offers for time
charter contracts exist at all, in view of the parameter conditions these offer no alternative to
spot business. Here long-term charter periods
are being offered at very low daily charter rates
of about USD 8,500 p.d., which offer no possibility of participating in a market that may recover
earlier than expected. We assume that it will
be possible to stabilise the results of the first
quarter of 2010 over the whole year and that in
2011 a market improvement can be expected
for Small-Handy-size tankers.
Panmax tankers
Also in the segment of the Panmax-size class,
the markets came increasingly under pressure
in the course of the year 2009. The overcapacity
arising in the tanker markets due to the slump
in demand led directly to a sharp fall in charter
rates. After the turn of the year 2008/2009,
the spot market rates of the Panmax-size class
were unable to maintain the January level of
some USD 22,500 p.d. and until May they dropped to about USD 8,800 p.d. In the following
two months, the daily charter rates were able
to recover somewhat to around USD 12,500 p.d.,
only to drop back again to less than USD
9,500 p.d. in August. Until December of the
reporting year the daily charter rates only
managed to stage a slight recovery to approx.
USD 10,500 p.d., but then gradually increased
in the first two months of the year 2010 to
about USD 16,000 to 17,000 p.d. For the course
of the year 2010 we expect to see an average
daily charter rate in the Panmax tankers segment of some USD 15,000 p.d. and are still
assuming that the market in the Panmax tankers segment will slowly stabilise.
27
Maritime parameter conditions – Environment
One initiative that is active at the global level is
for example the “Clean Cargo Working Group”,
the members of which represent more than
60 % of global container transports. Among the
members are 14 big liner shipping companies
such as APL, NYK, Hanjin or also Hapag-Lloyd
and Hamburg Süd as well as 14 shippers, including DHL, Nike, Ikea and Wal Mart. Besides a
reduction of the emission of greenhouse gases,
the activities of the “Clean Cargo Working
Group” focus among other things on efforts to
achieve optimum ballast water and waste management as well as environmentally compatible
handling of chemicals. Environmental management systems and ship recycling are further
important topics.
Global
The idea that global efforts are required to
protect the natural environment is meanwhile
generally accepted. Shipping as a part of and
as an essential link in the global economy already has comparatively positive environmental
balance as compared with other traffic carriers
simply by virtue of its so-called efficiency of
masses. However ongoing technical advances
offer sufficient starting points to make shipping
even more environmentally-friendly. To a growing extent, the shippers are endeavouring to
reduce the “ecological footprint” of their global
transport chains. A number of initiatives have
therefore been started all over the world to promote the dialogue between shippers and shipping companies on topics affecting the environment and to provide common starting points
for reducing shipping-related environmental
burdens yet further.
28
The global parameter conditions relating to
maritime environmental topics are formulated
in the IMO. The special importance attached to
maritime environmental protection is already
apparent in the slogan of this international
maritime shipping organisation: “Safe, Secure
and Efficient Shipping on Clean Oceans.”
Maritime environmental protection covers the
whole life cycle of a ship, i.e. from its construction, via the many years of operation through to
its final decommissioning at the end of its economically sensible operating time. May 2009
saw the signing of a convention developed by
the IMO for the environmentally compatible
recycling of ships. The “Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships” is designed to
raise the standards applied to the scrapping
of ships. In this context it is a question among
other things of the requirements that shipyards
and scrapping companies must fulfil in order to
be permitted to carry out the recycling of ships.
In future, lists of harmful substances will be
required that will provide information about the
materials used on board so as to make environmentally compatible recycling possible and to
prevent damage to man and nature.
Europe
In the European Union, maritime environmental
protection has already been treated with high
priority in recent years. For example the measures initiated to improve the safety of ship
operation as a result of ship accidents off European coasts (Erika, Prestige) serve equally to
protect the environment. The core tasks of the
“European Maritime Safety Agency” (EMSA)
set up in 2003 therefore logically also includes
the topic areas “Combating of Pollution” as
well as “Effective Waste Management in
Maritime Transport”. For the near future, EU
maritime policy will in particular promote a reduction of greenhouse gas emissions of maritime transport. To this end it will be necessary
to combine various bundles of measures of a
technical and operational nature and furthermore to implement certain market-oriented
instruments; one topic under discussion is for
example incorporating maritime traffic into
emissions trading. The measures of the International Maritime Organization (IMO) to reduce
the emissions of sulphur and nitrogen oxides
from ships are also supported by the EU, for
example by designating the Baltic Sea and the
North Sea as “Sulphur Emission Control Areas”
(SECA), in which especially stringent requirements apply to the sulphur content in the fuel
of the ships.
Germany
In Germany, protection against dangers for the
marine environment and against harmful environmental influences is regulated in the “Seeaufgabengesetz”. This meanwhile also includes
measures in connection with the Ballast Water
Convention adopted by the IMO in 2004 that
serve to prevent the spread of foreign organisms
by ships. This includes the inspection, approval
and monitoring of systems to treat ballast water
and sediments as well as of the necessary preparatory measures and international approval
procedures. In the year 2009, further systems
originating from Germany for the disinfection of
ballast water on ships were recognised by the
IMO Environmental Committee. World-wide
there are now 30 ballast water disinfection
systems, which were developed above all in
Germany, Japan and South Korea.
Hanseatic Lloyd
Although it will be some time before the Ballast
Water Convention finally comes into force, preparatory measures are already being initiated
for all of the ships technically supported by
Hanseatic Lloyd and are being implemented
within the framework of the scheduled dry dock
overhauls. Also in the field of ongoing improvement in attaining environmental objectives,
Hanseatic Lloyd takes a proactive approach: the
environment management system on the basis
of the international standard ISO 14001 is implemented and certified. With the environmental
management system to ISO 14001 the numerous individual activities in the field of environmental protection on board and ashore at
Hanseatic Lloyd are integrated into an overall
system. By means of a permanent feedback
control loop between the planning, implementation and monitoring of environmental targets
that is described within the framework of ISO
14001, it is guaranteed that the environmental
objectives at Hanseatic Lloyd will still retain
their great importance in the future.
29
Maritime parameter conditions – Personnel
This is aggravated by the fact that the age
structure among the officers makes it an urgent
necessity to take steps now to ensure an adequate supply of maritime personnel in the future.
It must not be assumed that the need for ship’s
officers will fall as a result of the past difficult
years in global shipping; an update of the BIMCO/
ISF study is scheduled for the year 2010 and
will provide more exact data in this regard.
Global
“Go to sea!” – this was the title of a global
campaign that was started in autumn 2008
and continued throughout the year 2009 under
which a number of measures were implemented that were designed to draw attention to the
good career prospects for seamen. The IMO as
well as all well-known international shipping
associations are participating in the various
high-profile publicity activities as also are the
labour unions.
30
In the last comprehensive joint labour market
survey of the shipping organisations BIMCO
(The Baltic and International Maritime Council)
and ISF (International Shipping Federation)
dating from the year 2005, the global maritime
labour market was estimated at 466,000 officers and 721,000 ratings. The predictions made
in the BIMCO/ISF study with regard to the demand for maritime personnel in the year 2015
taking a global view foresee no problems pertaining to ratings, but indicated a shortfall of
27,000 officers.
Europe
The strengthening of the professions and of
employment in the various maritime sectors
also numbers among the core tasks of the integrated marine policy of the European Union.
In the strategic targets and recommendations
for the maritime transport policies of the EU
formulated by the EU Commission in 2009, the
“topic of people” is discussed with a high priority. In order to make jobs on board of ships
even more attractive the objective is to improve
the quality of life at sea; special attention in
this connection is paid to the potential of the
satellite broad-band communications services,
from which significant advances in the field of
private communications as well as in the field
of internet based further training are expected.
Properly trained mariners guarantee environmentally compatible and safe ship operation.
The world-wide inspections of maritime training institutions were systematically continued
by the “European Maritime Safety Agency”
(EMSA). These inspections are designed to
ensure that the level of training of the seamen
corresponds to the requirements of the internationally valid “Standards for Training and
Watchkeeping” (STCW).
Germany
According to the German Shipowners´ Association (VDR), more than 40 % of additional jobs in
the field of shipping were created in Germany
in recent years. Today over 30,000 German
workers are employed in the shipping companies, 22,000 of these ashore. The demand
for courses of study in nautical science again
increased in 2009 as compared with the prior
year. Such courses can currently be pursued in
Germany in Leer, Elsfleth, Warnemünde and
Flensburg as well as in Bremen. In the shore
sector, there is still strong demand among
school leavers to learn the trade of a shipping
businessman. In addition, special courses of
study are on offer such as for example the international bachelor’s course of studies Shipping & Chartering at the Hochschule Bremen.
At the sixth National Maritime Conference,
which was held in Rostock in 2009, a number of
personnel-related topics were again prominent
on the agenda. Within the framework of the
alliance for training and employment in maritime shipping (“Maritime Alliance”) for example,
a working group made up of both sides of the
wage negotiations table (the VDR and the labour union ver.di) was set up that is to concern
itself with working and living conditions on
board of ships. In co-operation with the “Agentur für Arbeit” (German Agency for Labour) in
Hamburg, the existing activities to recruit
school-leavers for maritime shipping are to
be strengthened in the whole of Germany.
Hanseatic Lloyd
Hanseatic Lloyd offers its employees on board
and ashore attractive working conditions embedded in a corporate culture that is characterised by trust, mutual respect, commitment and an
orientation to competence. At Hanseatic Lloyd,
great importance is attached to the dialogue
between the employees ashore and on board;
among other things joint workshops of ship´s
management personnel and company management are carried out on a regular basis. Basic
and advanced training measures are regarded
by Hanseatic Lloyd as an investment in the
future and are also continued during times in
which the economic parameter conditions are
not particularly positive. At Hanseatic Lloyd,
the ongoing qualification of the employees is
a central element of the ongoing improvement
management process.
Hanseatic Lloyd’s commitment in the field of
training goes far beyond its own company. For
example via the Bremen Shipowners´ Association (Bremer Rhederverein) it also participated in the financing of the foundation professorship for Maritime Management at the Hochschule Bremen. Depending on availability,
Hanseatic Lloyd offers students doing the
course of studies entitled “Engineer with a
qualification for Maritime Transport (Nautical
studies)” the possibility of carrying out their
obligatory practical semester on board the
ships of its technically supported fleet. Similarly, Hanseatic Lloyd as a stakeholder supports
the project of the “Northern Maritime Universities” (NMU) that is promoted by the North
Sea Programme of the European Union. The
NMU is a network of seven universities and
industrial partners from the states bordering
the North Sea, in which the competence in
maritime business management of the partners
in the network are concentrated in the fields of
training and research.
Figures for new entrants
in maritime shipping 2009
1,000
900
800
700
600
500
400
300
200
100
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: VDR, April 2010
31
The Market – Prospects
Prospects
There are increasing signs of a sustained recovery of the global economy. The key countries for
the economic upswing are still the emerging
Asian markets. Further trendsetting and pacesetting influencing factors for a recovery of the
markets are however also the tendencies towards protectionism, the aftermath of the global
economic stimulus programmes, the further
course of monetary policies, the effects of regulation on the financial markets, the development of prices in the commodity markets as
well as the stability of the labour markets. The
International Monetary Fund warns of a second
recession, a so-called “double-dip” situation,
which could arise if the tax-related and monetary stimuli of the individual nations were to be
discontinued too early.
An improvement in the overall economic situation, global low interest rate policies, ongoing
government assistance, the intensified scrapping of tonnage, the conversion of shipbuilding
orders or the later delivery of newbuildings and
so-called “slow steaming” taken together are
leading to a situation in which the demand for
individual segments of container ships is rising
more strongly than many market players dared
to hope in the past year. Container handling will
mirror the positive trends of the global economy
and will, according to the analysts of Clarkson,
grow by 5.5 % in 2010.
32
As the global economy recovers, the International Energy Agency (IEA) expects to again see
increased demand for crude oil and thus also
renewed increases in prices and transport
volumes. In the long-term view, fossil fuels
will cover an estimated 80 % of global energy
requirements until the year 2025 and cannot be
replaced by alternative energy sources. The IEA
believes that more than half of the growth of
primary energy requirements world-wide from
2006 to 2030 will be accounted for by China
and India alone. At an annual growth rate of
approx. 1 %, the global demand for oil is predicted to rise from the approx. 86.5 million
barrels p.d. expected in 2010 to 106 million
barrels p.d. by the year 2030.
What is important for shipping in the year 2010
is that the global economy and thus also global
trade continue to recover and stabilise so that
the resultant demand for marine transport services again rises substantially. For the time
being we find ourselves at the beginning of a
gradual upturn.
In the end, downswings have always been followed by upswings. We need only remember
from the past ten years the recovery after the
Asia crisis (1999) as well as that after the acts
of terrorism of September 11th 2001. There can
be no serious doubt but that shipping, as an important part of the globalisation process, will in
the future grow again in the long term.
In its climate policies for international shipping,
the IMO is not wavering from its course – also
with an eye to the upcoming UN Climate Conference in Cancun (Mexico) in November 2010.
The discussions in the IMO Marine Environment
Protection Committee (MEPC) regarding a reduction of CO2 emissions in maritime shipping
were continued at the end of March 2010. In
the course of these discussions, major progress
was achieved in connection with the Energy
Efficiency Design Index (EEDI). This states the
quantity of CO2 emissions of a ship that are
emitted for each unit of transport work and
is intended to help improve the efficiency of
ships. The so-called market-based instruments
such as emissions trading or the climate control
fund model were also discussed.
Altogether ten concrete measures have been
put before the environment protection committee and these must now be examined within a
tight schedule as regards their effectiveness on
the climate, their cost efficiency and their practical feasibility. Special attention is to be paid
in this context to the needs of those countries
with high development requirements. The object is to develop a global solution that achieves
progress in climate control, that offers an incentive for efficient ships and that does not
hinder global trade.
Despite the difficult economic situation, the
shipping companies continue the training of
future personnel on board and ashore at the
same high level. This is also important to
ensure that the interest in shipping careers
that has been systematically built up among
the applicants over recent years does not flag.
Maritime shipping enjoys a reputation for offering secure and versatile working and training
opportunities on a long-term basis. It is therefore necessary to maintain not only the training
efforts of the companies but also the provision
of career information by the maritime associations. Even after the crisis, maritime shipping
will need qualified personnel and must safeguard the necessary prospects for this.
Tax Basics
Tax Basics
Income tax
Income from trade or business:
As a rule, the equity investment companies
initiated by Hanseatic Lloyd Reederei GmbH &
Co. KG are founded with the legal form of a
limited partnership. The investors acquire
shares in this company as limited partners.
In this way they participate in the profits and
losses as well as in the hidden reserves of the
one-ship company (co-entrepreneurial risk). The
collaboration of the shareholders in reaching
major decisions is ensured not only through the
partnership agreement but also by the trustee
and business management agreement. They
possess – both directly but also indirectly via
the advisory board – the voting rights, inspection rights and rights to object to which a limited partner is entitled under the HGB [German
Commercial Code] (co-entrepreneurial initiative).
The shareholders must therefore be regarded
as co-entrepreneurs; they earn income from
trade or business in accordance with § 15
Sect. 1 No. 2 EStG [German Income Tax Law].
As far as the concept is concerned, it is normally assumed that the investors are exclusively
natural persons who according to § 1 Sect. 1
EStG are subject to unlimited tax liability.
At the level of the company this income is uniformly and separately determined by the tax
office in whose district the permanent establishment of the company is domiciled. Then the
prorated results are taken into account in the
income tax assessment for the investor by the
local tax office for his residence or customary
place of abode. Taxation at the level of the
investor is applied at the individual rate of income tax. Since 2008, the top rate of income
tax from an income of EUR 250,000 (single)
or EUR 500,000 (joint assessment) has been
45.0 %.
Total profit for tax purposes
Business income is only recognised by the
fiscal authorities if an intent to realise a profit
exists. This is examined at the level of the company and of the shareholders on the basis of
the total profit. In this context it is necessary to
prove that the corresponding equity investment
company will with a high probability earn a
substantial increase in its company assets by
the end of the planning period. In accordance
with the principles of the decision of the BFH
[German Federal Fiscal Court] dated 21st
August 1990, the supposition of a lack of intent
to realise a profit would thus be refuted. The
examination of total profit is carried out on the
basis of the conventional determination of net
income.
The lump sum determination of net income
after tonnage tax (see also “tonnage tax”)
is not taken into account in this context (cf
letter of the BMF [Federal German Ministry
of Finance] dated 12th June 2002 amended
by the BMF letter dated 31st October 2008).
34
An investor who sells his equity share or who
transfers it free of charge before he has achieved
a total profit must reckon with his intent to realise a total profit being subjected to a special
examination by the fiscal administration. Insofar as an equity investment company has
opted for the tonnage tax, no tax is payable
on the total profit for tax purposes. Taxation
is oriented to the lump sum tonnage-based net
income.
Depreciation and preliminary expense
According to the current German AfA table
for depreciation for wear and tear, new ships
are written off over a useful lifetime of twelve
years. An alternative to the straight-line method
of depreciation is to apply declining balance
depreciation to assets that were acquired or
produced before 31st December 2007. Here it is
possible to write down twice the straight-line
depreciation for wear and tear (max. 20 % p.a.).
According to the “Law to Promote Growth and
Employment”, a declining balance method of
depreciation up to three times the linear AfA
depreciation amount (max. 30 % p.a.) can be
applied to movable assets of the business assets that are acquired or produced after 31st
December 2005 and before 1st January 2008.
Accordingly, ships that are delivered during this
period could according to the AfA depreciation
table be written down at max. 25 % p.a. Only
the straight-line method of depreciation is possible for assets that were acquired or produced
in the year 2008. Within the framework of the
“Law to Implement Fiscal Regulations of the
Package of Measures to Secure Employment
through Strengthening Growth”, the declining
balance method of depreciation up to two and
a half times the amount of linear depreciation
for wear and tear (max. 25 % p.a.) was reintroduced. Accordingly, ships that are delivered
in 2009 or 2010 can, according to the depreciation table, be written down by some 21 %.
If a so-called “Loss Allocation Company” bases
its own operating concept on a substantially
longer actual period of use compared with that
stated in the AfA tables, the period of use on
which the operating concept is based must be
applied (see the “General Preliminary Remarks
to the AfA Depreciation Tables” as per the letter of the Federal Ministry of Finance dated
6th December 2001).
According to the “5th Building Owner Decree”
(see letter of the Federal Ministry of Finance
[BMF] dated 20th October 2003), for tax purposes all project planning expense for an
ocean-going ship must be stated under assets
because as a rule the classical one-ship companies constitute so-called “buyer funds” without any appreciable possibilities for the investors to exert influence. Depreciation under the
tax laws is applied over the actual period of use
of the investment.
Tax loss offsetting
According to the “Act to Restrict the Setting
Off of Losses in connection with Tax Deferral
Models” dated 22nd December 2005, losses
from so-called “Tax Deferral Models” can only
be set off against later positive income from
the same income source (§ 15b of the German
Income Tax Law, EStG). This regulation applies
to all “Tax Deferral Models” which the taxpayer joined after 10th November 2005. A “Tax
Deferral Model” within the meaning of the law
exists if, on the basis of a model-based design
(prefabricated concept), tax advantages are to
be achieved in the form of negative income.
Insofar as the company has opted for the tonnage tax, § 15b EStG is not applicable.
Tax treatment of dividend payments
According to the tax laws, these are withdrawals
that are not subject to tax. Thus dividends are
also not subject to the new final withholding
tax as from 2009. The shareholder pays tax on
his taxable share in the result from the one-ship
company. If the dividend payment gives rise to
a negative capital account in the tax balance
sheet or if this is increased, tax must always
be paid on the dividend payment in accordance
with § 15a Sect. 3 EStG as well as on the share
in the profit if in the preceding ten years offsettable losses were allocated and no liability
according to § 171 Sect. 1 HGB exists. Insofar
as the companies opted for the tonnage tax
from the very beginning, no offsettable losses
were allocated and the dividend payments are
not subject to taxation according to § 15a
Sect. 3 EStG. This is however viewed differently by one section of the fiscal administration.
Liability of the investor vis-à-vis creditors of
the one-ship company comes into effect under
the pre-conditions of §§ 171, 172 Sect. 4 HGB,
among other things in the case of withdrawals
at a time during which the capital account has
fallen below the amount of the liability. The
general meeting of the shareholders decides
the amount of the dividend payment depending
on the liquidity situation.
Tonnage tax
To adjust to European shipping law and to
strengthen the competitiveness of German
shipping companies, in 1999 the so-called
“tonnage tax” was introduced within the
framework of the Maritime Shipping Adjustment Law in the form of § 5a EStG.
The tonnage tax is not a special kind of tax,
but only a prescribed method of determining
taxable income. The lump sum profit from
“operation of ships” that are registered in the
German register of shipping – including any
earnings from the sale of the vessel – are
assessed on the basis of the ship size (net
tonnage) if a corresponding application is filed
by the equity investment company. These positive results for tax purposes also arise if the
equity investment company in fact achieved no
positive results. A sliding-scale tariff is applied
to the number of net tons and this is multiplied
by the number of operating days of the ship in
the business year. The sliding-scale tariff is as
follows (amount per 100 net tons per day):
- up to 1,000 net tons:
EUR 0.92
- over 1,000 to 10,000 net tons:
EUR 0.69
- over 10,000 to 25,000 net tons:
EUR 0.46
- over 25,000 net tons:
EUR 0.23
35
Tax Basics
Opting for the tonnage tax is always possible
with retroactive effect from 1st January of the
current year. To be able to do this, in particular
the following pre-conditions must be fulfilled:
The ship must be registered in the German register of shipping for the greater part of the
time, management of the ship must be carried
out in Germany, the ship must be operated in
international traffic, among others. There is no
compulsion to fly the German flag. Within the
framework of the “Maritime Alliance” between
the maritime economies, the political powers
and the labour unions, among other things the
shipowners have promised to operate a part of
their fleet under the German flag. Correspondingly, it is assumed that the political powers
will retain the tonnage tax.
From the beginning of the fiscal year in which
the option is exercised, an equity investment
company is bound to the application for ten
years and must calculate the profit according
to § 5a EStG.
According to the Accompanying Budget Law
2004, the application for the determination of
net income in accordance with § 5a EStG can
from the year 2006 only be filed in the year in
which the ship enters service – or after that
only after expiry of a further ten years. Any
profits earned before the ship enters service
are not taxed; losses can be neither compensated nor netted.
36
The law has envisaged the following provisional regulation: All ships that were ordered/
purchased by 31st December 2005 can declare
by 31st December 2007 at the latest whether
the lump sum determination of net income according to § 5a EStG is to be applied. These
so-called “already existing cases” could exercise their option within three years and then be
bound to this option for ten years. The period
during which the option can be exercised began
when “income from the operation of merchant
ships in international traffic is achieved” for the
first time, i.e. when the number of operating
days under German registration exceeds the
number of other operating days. Correspondingly, 2006 was the last tax assessment period in
which losses could still be claimed against tax,
in which case the claiming of losses is limited
by § 15b EStG (cf information stated under
“Income from trade or business”).
In the case of the “combi-model” that was still
possible until 2006 (normal taxation to begin
with, later an option in favour of the tonnage
tax), the hidden reserves existing at the time
of the switchover must be transferred to a
differential amount for the ship (“tonnage tax
reserve”) as the difference between the part
value and the book value. The differential
amount must be dissolved among other things
on selling the share or at the latest when the
ship is sold and is subject to the normal personal rate of tax. The differential amount is
ascribed on a pro-rata basis to the shareholders
who held a share at the time when the option
was exercised.
Besides the differential amount for the ship,
a differential amount must, if applicable, also
be formed for foreign-currency liabilities if the
exchange rate prevailing at the date of the
balance sheet is lower than the rate applied
for tax valuation purposes at the time of switching over to the tonnage tax. The differential
amount for foreign-currency liabilities must
be successively dissolved in parallel with the
redemption payments made in each year, and
the amount of the dissolution is added to the
tonnage-based net income. Insofar as the option for the tonnage tax is exercised in the year
of the purchase contract/building contract, no
differential amounts can arise.
The ship or the limited partner's equity share
can be sold at any time. Any tax liability with
regard to the profit or loss from the sale of
the ship or of the shares by the shareholder is
satisfied by the lump sum profit calculated in
accordance with § 5a EStG (i.e. it is tax-free),
however all differential amounts must then be
dissolved and taxed. In the opinion of the fiscal
administration, the amount of the dissolution is
not eligible for preferential treatment according
to §§ 16, 34 EStG. Besides the determination of
net income in accordance with § 5a EStG, a tax
balance sheet from the commercial balance
sheet must still also be drawn up. This is decisive for assessing the intent to realise a profit
at the level of the company and of the shareholder as well as for determining the loss compensation volume in accordance with § 15a
EStG and until 2008 also for determining the
values for the purposes of inheritance tax and
gift tax (see also “Inheritance tax and gift tax”).
Special operating expenses of the shareholder
(e.g. interest on borrowed financing funds,
travel expenses) are not deductible within the
framework of the tonnage tax. Exempted from
this are expenses that are directly related to
special business receipts and/or special remunerations that according to § 5a EStG must be
attributed to the profit. Special remunerations
paid by the company to its shareholders are
however not attributable to the profit insofar
as it is a question of the remuneration for ship
operation and management activities that is to
be paid to the authorised ship operator if the
authorised ship operator is himself a limited
partner in the equity investment company. In a
letter of the German Ministry of Finance dated
31st October 2008 (new “Tonnage Tax Decree
2008”) it was resolved that, with effect from
the tax assessment period 2008, only a remuneration for ship operation of up to 4 % of the
gross freight rates is covered by the tonnagebased net income. Any chartering commission
that is to be paid in addition to the remuneration for ship operation must always be attributed to the tonnage-based net income.
Fundamentally, under the tonnage tax it will be
advantageous to operate a profitable ship for a
long time in order to be able to enjoy the tax
advantages for the same length of time.
Trade tax
According to § 2 Sect. 1 GewStG [Trade Tax
Law], an equity investment company is subject
to trade tax as a commercially active partnership when all the pre-conditions of § 15 Sect. 2
EStG are fulfilled. Preparatory acts within the
meaning of Section 18 Par. 1 GewStR [Trade Tax
Guidelines] are fundamentally not subject to
trade tax. Accordingly, a one-ship company is
liable to trade tax as a business establishment
from the time when the ship was delivered/
taken over.
Insofar as the profit is determined in accordance with § 5a EStG, according to § 7 GewSt
this profit calculated as a lump sum forms the
basis for determining the amount of trade tax.
The taxable trade earnings are finally arrived
at after adding special remunerations and deducting the costs related to the latter and
after deduction of the trade tax-free amount
of EUR 24,500. There are no further trade tax
additions and deductions to be taken into consideration. Correspondingly, the deduction regulation in accordance with § 9 No. 3 GewStG for
determining trade tax within the framework of
tonnage tax is not applicable.
Profits from sale or from abandonment are
always exempt from trade tax insofar as they
accrue to natural persons who hold a direct
share in the company. Furthermore the sale of
the ship or the sale of the whole share by the
shareholder forms part of the profit calculated
as a lump sum in accordance with § 5a EStG
and to this extent the tax liability has already
been satisfied. Insofar as the fiscal administration detects any positive “differential amounts”
according to § 5a EStG, these would need to be
dissolved subject to trade tax at the company
level during the operating phase or when the
ship is sold. This was decided by the Federal
Fiscal Court in its ruling dated 13th December
2007. On the basis of the “Tonnage Tax Decree
2002” (BMF letter dated 12th June 2002) the
fiscal administration had granted a reduction
of the trade earnings in the amount of 80 % of
the differential amount according to § 9 No. 3
GewStG. According to the new “Tonnage Tax
Decree 2008” (BMF letter dated 31st October
2008) with effect from the tax assessment period 2008 the trade earnings reduction regulation of § 9 No. 3 GewStG cannot be applied
to the dissolution of differential amounts.
The shareholders are fundamentally entitled
to offset the trade tax according to § 35 EStG.
However this regulation is not applicable to
the lump sum tonnage-based net income after
opting for the tonnage tax. However, when differential amounts are dissolved in accordance
with § 5a Sect. 4 EStG, in deviation from the
usual procedure the tax reduction according
to § 35 EStG is to be applied (cf letter of
the German Ministry of Finance dated 24th
February 2009).
According to the “Corporation Tax Reform Law
2008”, with effect from 1st January 2008 trade
tax is no longer deductible as a business expense. At the same time, the trade tax index
number was lowered to a uniform 3.5 % (until
31st December 2007 there was a sliding-scale
tax index number up to 5 %). Within the framework of tonnage tax, the lowering of the trade
tax index number leads to a lower trade tax
burden, whereas the non-deductibility of trade
tax as a business expense has no effect due to
the lump sum calculation of net income.
37
Tax Basics
Turnover tax
The purchase of a ship is not subject to turnover tax. According to § 4 No. 2 in conjunction
with § 8 Sect. 1 UStG [Turnover Tax Law], the
chartering out of ships is exempted from turnover tax. According to § 15 Sect. 3 No. 1a
UStG, turnover-tax-free chartering out does
not result in the exclusion of the possibility of
deducting prior turnover tax insofar as the purchased items or services are connected with
operation of the ship.
According to the ruling of the German Federal
Fiscal Court dated 1st July 2004 and a letter
of the German Ministry of Finance dated 4th
October 2006, an equity investment company is
entitled to claim all prior turnover tax that was
associated with the issuing of shares in the
company. In the past the fiscal administration
has in some cases failed to permit the deduction of prior turnover tax. Should prior turnover
tax amounts not be deductible despite the
ruling of the Federal Fiscal Court and the BMF
letter, this would increase the acquisition cost
and/or the business expenses.
38
Inheritance tax and gift tax
The acts of bequeathing or making a gift of
assets are subject to inheritance tax and gift
tax respectively.
The Law to Reform Inheritance Tax to Regulate
the Valuation of Property (ErbStRG) dated 24th
December 2008 introduced new regulations
for inheritance tax and gift tax with effect from
1st January 2009. In particular, the evaluation
of the assets that are bequeathed or transferred
by way of a gift was fundamentally changed.
Furthermore, there were some significant corrections, among other things to the tax-free
amounts and rates of taxation.
According to these, transfers of shares without
payment (gift or inheritance) relating to business assets must always be assessed at the
fair market value. However, the inheritance tax
reform law continues to provide for preferential
treatment for business assets with regard to
inheritance tax, namely the so-called “regular
exemption” with a deduction of 85 % of the
fair market value and a holding period of seven
years or the so-called “exemption option”, under
which the legal taxpayer must opt for a deduction of 100 % of the fair market value and a
holding period of ten years.
According to the decree of the Ministry of
Finance of Baden-Wuerttemberg dated 27th
June 2005, these tax advantages for business
assets only apply in the case of investors who
are registered in the commercial register
(“direct limited partners”).
Within the framework of the “Growth Acceleration Law”, with effect from 1st January 2010
the law pertaining to inheritance and gift tax
was reformed once again. In the field of business assets, in particular the holding period for
“regular exemption” was reduced to five years
and that for the “exemption option” was cut to
seven years.
In principle, the fair market value must be determined on the basis of recent sales between
outside third parties. As an alternative, the fair
market value can also be verified according to
the simplified gross receipts method as per
§§ 199-203 Valuation Law or by applying another authorized method that is customarily
used in normal business transactions. This
means that the fair market value could also
be verified by means of an expert opinion.
If the concrete intention to make a gift exists,
in each case a tax consultant should be called
upon in order to avoid any unwanted tax consequences.
The Course of Business in 2009
As a trampowner that does not deploy its
ships in its own liner services or own-account
traffic but charters these out to third parties,
Hanseatic Lloyd has designed the ships to
match the needs of the market.
Our primary market is the shipping market.
That is why the ships that we order or take
over must meet the exacting requirements of
the charterers who are our customers. For the
container ships these are mainly liner shipping
companies, whose top priority is to keep to
the established schedule. On the basis of
this schedule, the shippers (importers and exporters), who in turn are the customers of the
liner shipping companies, can organise their
production sequences and thus safeguard their
own value-added process.
Tankers on the other hand are in some cases
chartered by so-called operators of a tanker
pool or, if they have a corresponding reputation,
by oil companies directly. As a rule, individual
part cargoes are then transported within the
framework of trip charters.
The Hanseatic Lloyd Reederei
in the shipping and capital market
The year 2009 was marked by the severest
global economic crisis in post-war history and
one that hit the transport markets and thus
also shipping in all segments especially hard.
There are growing signs of a sustained recovery
of the global economy, however in the year
2010 for shipping it is important that global
trade will continue to recover and stabilise and
that the associated demand for marine transport services substantially increases again. For
the moment we find ourselves at the beginning
of a gradual upswing and for tramp shipping
companies such as Hanseatic Lloyd the recovery of the charter market will only set in after
a certain time.
Hanseatic Lloyd pursues a conservative investment policy. We only take action when after
careful market analysis we are convinced of
the economic success of a project.
40
Our decision, taken in the light of the developments of the markets and of shipbuilding prices,
not to invest in new ship projects for the time
being has proved to be the right one. Today we
are benefiting from the decisions that we took
in the past – and also from our chartering out
policy that is oriented to long-term contracts.
But the Hanseatic Lloyd fleet will continue to
grow in the future.
Our experience gained in 38 ship projects since
1992 with more than 6,000 private and institutional investors is applied to each new ship project. A large number of the investors have therefore invested repeatedly in our public funds. By
the end of 2009, we at Hanseatic Lloyd and
at its sister company Hansa Mare in which it
holds a 50 % stake were able to place a total of
EUR 513 million of equity capital in the German
investment market. Substantial shares held by
the shipping group itself demonstrate the high
consensus of interest between the investors
and the initiators of the ships.
The safety and quality systems (ISM/ISPS) on
the ships of the Hanseatic Lloyd fleet and in its
shore organisation are constantly adapted to
meet the current requirements. The ISM audits
examine the nautical and technical operational
processes, while the ISPS audits focus above
all on averting external dangers on ships. Compliance with these systems is permanently
monitored by means of internal controls in order to ensure that the national and international regulations are being met. When these systems were subjected to external inspections –
by port state authorities and flag state authorities as well as by the classification societies –
our ships always achieved good results. The
ISM/ISPS audits carried out in the reporting
year were completed without any major objections. The inspections of ships and of the shore
organisation that are carried out at regular intervals by big oil companies (“vettings”) were
also successfully completed.
The “Approvals” issued following a successful
vetting are a prerequisite for transporting cargo
belonging to these companies in tankers.
In the field of environmental protection, all
ships of the Hanseatic Lloyd fleet correspond
to the legal MARPOL regulations. The environmental management system ISO 14001 has
been implemented and certified in the shore
organisation and on all the ships technically
supported by Hanseatic Lloyd.
After many successful years, in the year 2009
the capital market for ship’s shares recorded a
severe decline in sales a result of the economic
crisis. At EUR 871 million, the volume of placings for ship’s shares dipped below the billion
thresholds for the first time since 1994.
At Hanseatic Lloyd each year seminars lasting
several days are conducted in Bremen for the
ship management personnel to provide the
Captains, First Officers and Chief Engineers
with practice-oriented information about the
fields of bridge and engine systems, international regulations as well as specific requirements of the shipping company.
The Ballast Water Convention passed by the
IMO in 2004 demands that, step by step from
2010 and at the latest by 2016, new and existing ships must use ballast water treatment
systems on board. Initial preparatory measures
for this are now being implemented in the planning for the scheduled dry dock overhauls for
all the ships technically supported by Hanseatic
Lloyd.
In comparison with other asset classes, ship
funds are one of the most interesting investment vehicles from the tax viewpoint not only
due to their lump sum determination of net
income under the tonnage tax. In addition,
ship funds can point to sustained success
over decades. Even the various shipping crises
have hitherto not been able to change that.
During the reporting year, in a study the funds
analysis company FondsMedia evaluated a
total of 472 ship funds from the years 1969 to
2005 that were sold by the end of the year
2007. This evaluation came to positive results:
· In approx. 40 years ship funds achieved an
increment of net worth after taxes of approx.
6.8 % per annum.
· Ship funds that had been floated since the
year 2000 were even more successful, they
achieve net worth growth of 11.3 % per
annum (holding period approx. 4.5 years).
· The “best quarter” of all ship funds achieved
an increment of net worth after taxes of
approx. 16.5 % per annum for a holding
period of approx. 5.4 years.
· At 93.6 % positive investment results, ship
funds are an extremely robust investment
segment.
· The performance of the ship funds developed
largely independently of developments in the
stock market.
You will find the complete study under:
www.hanseatic-lloyd.de/investments
Secondary market for ship’s shares
Hanseatic Lloyd enables all investors to sell
their subscribed shares in the ship funds
acquired at the Hanseatic Lloyd Reederei to
interested third parties prior to maturity via
an Internet trading platform set up for this
purpose. In the same way, interested investors
can purchase equity shares that are offered for
sale. By the end of May 2010, a sales volume
of some EUR 4 million had been brokered. In
addition, further shares in an amount of more
than EUR 8.4 million were brokered from/to
existing investors.
You will find further information under:
www.hanseatic-lloyd.de/zweitmarkt.
Placed equity
for ship’s shares
in bn EUR
4.0
3.58
3.5
2.91
3.0
2.5
2.99
2.96
2.33
2.55
Ø = 2.08
2.0
1.69
1.48
1.5
1.48
1.49
1.47
1.26
1.0
0.87
0.5
0.0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Source: Feri EuroRating Service – Overall Market Study of Equity Investment Models 2010
41
Example portfolio
Name of the ship
MV “HLL Atlantic” MV “HLL Baltic”
Year of placing
2001/2002/2003
Limited partnership capital
nominal in thousand EUR
28,750
Paid in %
-105.0
Negative results
for tax purposes
actual
-58.8
accumulated until 2009 in % prospectus -63.7
Positive results
for tax purposes
actual
11.9
accumulated until 2009 in % prospectus 2.5
Tax refunds
actual
31.3
Tax payments
actual
5.6
Dividends
actual
56.5
Capital reflux
actual
82.3
until 2009 in %
prospectus 94.3
Capital commitment
actual
-22.7
2009 in %
prospectus -10.7
HLL Tanker- MT “HLL Noroc” MT”HLL Sharon Sea” MT “HLL Ashley Sea”
Flottenfonds I
2001/2002
2003/2004
2005
2006
2006/2007
15,000
-105.0
29,200
-105.0
9,655
-105.0
19,355
-105.0
18,300
-105.0
-57.7
-61.9
-52.2
-53.5
0.0
0.0
0.0
0.0
0.0
0.0
33.7
9.3
30.8
33.0
15.8
4.4
80.0
82.0
94.9
110.6
-10.1
5.6
2.9
0.8
27.1
27.8
1.4
0.4
42.0
48.0
67.7
75.4
-37.3
-29.6
0.6
0.6
0.0
0.0
0.3
0.3
20.0
30.0
19.7
29.7
-85.3
-75.3
0.7
0.7
0.0
0.0
0.3
0.3
16.0
21.0
15.7
20.7
-89.3
-84.3
0.7
0.7
0.0
0.0
0.3
0.3
10.0
16.0
9.7
15.7
-95.3
-89.3
Figures relate in each case to the first tranche
Example portfolio
In the business year 2009, the six equity investment projects hitherto initiated by the Hanseatic
Lloyd Reederei showed a predominantly positive
development. The example portfolio shows for
each one-ship company the capital commitment and capital reflux of an investor as of
31st December 2009 as a percentage. The basis
for the calculation is the top rates of income tax
for the years 2001 until 2009 (see also page 49).
All the relevant payment transactions, i.e. paying
in of capital contributions, tax payments from
loss and profit allocations as well as dividend
payments, are shown separately for each oneship company, accumulated up to and including
2009. The result of this overview is the capital
commitment in each case, calculated as the sum
total of all payment flows. The capital commitment in the year 2009 is compared with the budget figures as stated in the prospectus. Any tax
repayments from the personal offsetting of trade
tax in accordance with § 35 EStG are not taken
into account at the level of the investor.
The capital reflux in the case of MV “HLL
Atlantic” is to date 12.0 percentage points lower
than anticipated in the prospectus, in particular
because the ship opted for the tonnage tax in
2004 a year earlier than planned and in the
following years income from the dissolution
of differential amounts from foreign currency
loans had to be dissolved subject to taxation.
42
Apart from this, the one-ship company was able
to distribute a dividend of 7.0 % in each of the
years 2008 and 2009 (instead of the 9.5 % per
year predicted in the prospectus).
In the case of the MV “HLL Baltic”, the tax
repayments were smaller due to better results
in the years 2002 and 2003. In addition, from
2004 higher differential amounts from foreign
currency loans result under the tonnage tax, so
that the tax payments are higher than calculated.
Moreover, in the years 2008 and 2009 the equity
investment company was able to pay a dividend
of 10.0 % in each year (instead of the 11.0 % per
year stated in the prospectus). Altogether the
capital commitment hitherto deviates from the
figure stated in the prospectus by 15.7 percentage points.
In the case of the HLL Tanker-Flottenfonds I,
the capital commitment deviates from the figure
named in the prospectus by 7.7 percentage
points. The reason for this is above all the reduced dividend payment, which in the year
2009 amounted to 2.0 % instead of the 8.0 %
anticipated in the prospectus.
The capital reflux in the case of MT “HLL Noroc”
is to date 10.0 percentage points lower than predicted in the prospectus, that of MT “HLL Sharon
Sea” is 5.0 percentage points lower and that of
MT “HLL Ashley Sea” is 6.0 percentage points
lower. The reason in the case of MT “HLL Noroc”
is that no dividend payment was made in 2009,
while it was possible to pay dividends of 2.0 percentage points each for MT “HLL Sharon Sea”
and MT “HLL Ashley Sea” in 2009.
The figures for MT “HLL Noroc”, MT “HLL
Sharon Sea” and MT “HLL Ashley Sea” are
provisional as the audits of the annual financial
statements for the business year 2009 have not
yet been completed.
With effect from June 2010, Hanseatic Lloyd
is responsible for the whole commercial ship
management incl. chartering out for the three
partnership projects initiated in the years 2005
to 2007. The three W-O one-ship companies
were re-named and were given the prefix “HLL”.
In the business year 2009, the six equity investment projects achieved gross charter revenues
of some EUR 40.0 million (of which MV “HLL
Atlantic” and MV “HLL Baltic” EUR 7.6 million
each, HLL Tanker-Flottenfonds I EUR 9.8 million,
MT “HLL Noroc” EUR 3.9 million, MT “HLL
Sharon Sea” EUR 5.2 million and MT “HLL
Ashley Sea” EUR 5.9 million).
Capital structure of the
placed Hanseatic Lloyd ships
as of 31.12.2009 in thousand EUR
(incl. premium)
Total investment
Borrowed capital
- of which placed capital
- of which Hanseatic Lloyd
194,120
117,522
76,598
74,099
2,499
Placed limited partnership capital
in each case as of 31.12. in thousand EUR
(incl. premium)
2001
12,469
2002
27,542
2003
18,523
2004
15,565
2005
9,713
2006
19,793
2007
18,685
2008
–
2009
–
Total
122,289
Capital structure of the
placed partnership projects
as of 31.12.2009 in thousand EUR
(incl. premium)
Total investment
Borrowed capital
- of which placed capital
- of which initiator Hanseatic Lloyd
- of which other initiators
117,027
67,351
49,676
48,190
436
1,050
Redemption advantage
as of 31.12.2009 in thousand USD accumulated
(as compared with the bank financing plan)
MV “HLL Atlantic”
373
MV “HLL Baltic”
358
HLL Tanker-Flottenfonds I
3,904
MT “HLL Noroc”
188
MT “HLL Sharon Sea”
MT “HLL Ashley Sea”
600
Total
5,423
In the reporting year 2009 it was possible to
pay out dividends in a total amount of EUR 4.85
million. This corresponds to an average dividend
quota of 3.8 % on the limited partnership capital
(prospectus average 8.6 %).
Given that in 2009 the global economy and
global trade with growth rates in the minus
range exercised negative effects on the shipping markets and in the light of substantially
increased ship operating costs (especially personnel) and the ongoing weakness of the USDollar (in comparison with the assumptions in
the prospectuses), this is an encouraging overall
result.
43
The Fleet operated, supported
and/or chartered out by Hanseatic Lloyd
Overview of the Fleet
The Fleet operated, supported and/or chartered out by Hanseatic Lloyd
Name
Container fleet
4,000 TEU class
3,000 TEU class
1,700 TEU class
1,000 TEU class
Tanker fleet
Small-Handy
MV “HLL Adriatic”
MV “HLL Arctic”
MV “HLL Atlantic” 2
MV “HLL Baltic” 2
MV “HLL Caribic”
MV “HLL Pacific 1” 4
MV “HLL Pacific 2“
MV “Mare Arcticum” 2
MV “Mare Atlanticum” 2
MV “Mare Britannicum” 2
MV “Mare Caribicum” 2
MV “Mare Lycium” 2
MV “Mare Phoenicium” 2
MV “Mare Siculum” 2
MV “Mare Superum” 2
MV “Mare Africum” 2
MV “Mare Caspium” 2
MV “Mare Gallicum” 2
MV “Mare Internum” 2
MV “Mare Ionium” 2
MV “Mare Thracium” 2
MV “Mare Ibericum” 2
MV “Mare Adriaticum” 2
MV “Mare Balticum” 2
MV “Mare Doricum” 2
MV “Mare Hibernum” 4
MV “Mare Tuscum” 4
MT “HLL Aegean” 3
MT “HLL Barents” 3
MT “HLL Indian” 3
MT “HLL Ionian” 3
MT “HLL Arctic” 4
MT “HLL Biscay” 4
MT “HLL Caspian” 4
MT “HLL Celtic” 4
MT “HLL Black Sea” 1
MT “HLL Red Sea” 1
MT “HLL White Sea” 1
MT “HLL Yellow Sea” 1
Initiated partnership projects/tanker fleet
Panmax
MT “HLL Ashley Sea” 2
MT “HLL Sharon Sea” 2
Small-Handy
MT “HLL Noroc” 2
TEU/cbm
tdw
Date of issue/investors
In service since
4,730
4,730
4,713
4,565
4,730
4,713
4,730
4,038
4,038
4,038
4,038
4,038
4,038
3,987
3,987
2,959
2,959
2,959
2,959
2,959
2,959
1,697
1,054
1,054
1,054
1,016
1,042
55,738
55,738
57,240
62,442
55,738
57,240
55,738
52,267
52,267
52,267
52,267
52,267
52,267
52,329
52,329
34,630
34,630
34,630
34,630
34,630
34,630
22,494
12,721
12,576
12,705
12,500
12,525
–
–
2001 - 2003/579
2001 - 2002/334
–
–
–
1999 - 2000/448
1999 - 2000/467
2000/501
2000/445
1999/419
1998 - 1999/348
1998/456
1997 - 1998/407
1996 - 1997/321
1994 - 1995/318
1995 - 1996/337
1997/210
1996 - 1997/303
1996 - 1997/323
1993 - 1994/280
1993/196
1992 - 1993/198
1995/237
1994 - 1995/217
1995 - 1996/216
July 2008
April 2008
December 2002
November 1995
May 2008
December 2002
June 2008
December 2000
December 2000
December 2000
December 2000
December 1999
August 1999
December 1998
October 1998
April 1997
November 1995
June 1996
December 1997
August 1997
October 1997
September 1994
November 1993
April 1993
August 1995
May 1995
October 1996
22,883
22,883
22,883
22,883
23,000
23,000
23,000
23,000
23,000
23,000
23,000
23,000
19,990
19,990
19,990
19,990
19,800
19,800
19,800
19,800
19,800
19,800
19,800
19,800
-2003 - 2004/530
--–
–
–
–
–
–
–
–
July 1999
March 1999
January 2000
September 1999
–
–
–
–
–
–
–
–
85,300
85,300
17,689
73,400
73,400
16,456
2006 - 2007/423
2006/447
2005/199
June 2007
December 2006
February 2001
1) Orders, 2) Fund ships, 3) Fleet fund, 4) Sold ships, 5) Current 6) in 2009
46
Charterer 5
Charter name 5
Trade5
Operating days6
Routine dry dock overhaul
APL
APL
APL
APL
APL
–
APL
APL
MSC
APL
APL
CSAV
CSAV
“K” Line
CSAV
PIL
CMA CGM
T. S. Lines
KMTC
BTL
KMTC
PIL
KMTC
SITC
Johan
–
–
APL Atlanta
APL Oakland
APL Peru
APL Costa Rica
APL Los Angeles
–
APL Denver
APL Chile
MSC Scandinavia
APL Kaohsiung
APL Argentina
Libra Mexico
Mare Phoenicium
Alvsborg Bridge
Mare Superum
Kota Ekspres
CMA CGM Beirut
Mare Gallicum
Mare Internum
Tiger Star
Mare Thracium
Kota Mawar
Mare Adriaticum
Mare Balticum
Mare Doricum
–
–
Far East/Middle East
Far East/Mexico
Far East/Red Sea
–
India/US East Coast
North America East Coast/South America East Coast
Far East/India
North America East Coast/South America East Coast
Far East/South America West Coast
Far East/South America East Coast
Far East/South America East Coast
Far East/Red Sea
Far East/West Africa
Far East/India
India/Singapore
Far East/India
Far East/West Africa
South Korea/Vietnam
China/Japan
Malaysia
–
–
365
365
365
365
365
–
365
363
365
365
364
341
345
329
354
364
297
365
358
74
365
347
288
252
353
–
–
2013
2013
2012
2010
2013
–
2013
2014
2011
2010
2010
2014
2014
2013
2013
2012
2015
2011
2012
2012
2012
2012
2013
2013
2010
–
–
MCT
MCT
MCT
MCT
–
–
–
–
–
–
–
–
MCT Almak
MCT Altair
MCT Arcturus
MCT Alioth
–
–
–
–
–
–
–
–
Europe/US East Coast/Caribbean Sea/Mediterranean
–
–
–
–
–
–
–
–
351
310
348
347
–
–
–
–
–
–
–
–
2012
2012
2012
2012
–
–
–
–
–
–
–
–
Heidmar LLC
Heidmar LLC
Marida Tankers
Ashley Sea
Sharon Sea
Noroc
North Atlantic
Caribbean Sea
Asia
361
361
364
2012
2011
2011
last updated: July 2010
47
Data of Hanseatic Lloyd
The German Hanseatic Lloyd companies currently support, operate and/or charter out 24
container ships in the size classes from 1,000
to 4,700 TEU as well as eleven tankers with
a deadweight tonnage from 16,500 tdw to
73,400 tdw. The whole fleet that is supported,
operated and/or chartered out has a deadweight tonnage of some 1.4 million tons.
Data of the Hanseatic Lloyd fleet
Development of the fleet:
Ships in service, accumulated
of which container ships, accumulated
of which tankers, accumulated
of which placed ships, accumulated
Ships on order
of which container ships, accumulated
of which tankers, accumulated
Carrying capacity of ships in service, accumulated (in tdw)
Capacity of container ships in service, accumulated (in TEU)
Capacity of tankers in service, accumulated (in cbm)
Total investment volume (incl. newbuildings),
accumulated (in thousand EUR) 1)
Placed equity, accumulated (in thousand EUR) 1)
Development of the results of the placed ships:
Gross charter revenues p.a. (in thousand EUR)
Operating results p.a. (in thousand EUR)
Amortisation p.a. (in thousand USD)
Special redemptions accumulated (in thousand USD)
Dividend payments p.a. (in thousand EUR)
Data of initiated partnership projects
Tankers in service
Ships under construction
Carrying capacity of tankers in service, accumulated (in tdw)
Capacity of tankers in service, accumulated (in cbm)
Total investment volume, accumulated (in thousand EUR) 1)
Placed equity, accumulated (in thousand EUR) 1)
Development of the results of the placed ships:
Operating results p.a. (in thousand EUR)
Amortisation p.a. (in thousand USD)
Special redemptions accumulated (in thousand USD)
Dividend payments p.a. (in thousand EUR)
2008
10
6
4
6
4
0
4
423,134
28,328
91,532
2009
10
6
4
6
4
0
4
423,134
28,328
91,532
399,379
74,099
399,379
74,099
2008
28,425
13,351
10,601
7,930
5,854
2009
25,078
7,091
6,278
4,636
4,095
2008
3
0
163,256
188,289
117,027
48,190
2009
3
0
163,256
188,289
117,027
48,190
2008
17,314
7,805
6,374
1,798
3,397
2009
14,949
2,656
5,317
788
754
The fleet of the Hansa Mare Reederei exclusively chartered out by Hanseatic Lloyd
2008
2009
Placed ships, accumulated
20
20
Ships in service
18 2)
18 2)
Carrying capacity, accumulated (in tdw)
687,945 2)
687,945 2)
2)
Capacity, accumulated (in TEU)
54,815
54,815 2)
Total investment volume, accumulated (in thousand EUR) 1)
857,520
857,520
1)
Placed equity, accumulated (in thousand EUR)
390,822
390,822
109,082
96,031
1) incl. premium
2) not including “Mare Tuscum” (sold in Feb. 2006) and
“Mare Hibernum” (sold in Oct. 2007)
48
Performance Assessment Principles
The following performance assessment principles apply to all one-ship companies that were
initiated by Hanseatic Lloyd Reederei GmbH &
Co. KG, Bremen, and are shown in this Annual
Report.
The prospectus/actual comparisons were examined by the auditing firm, PricewaterhouseCoopers
Wirtschaftsprüfungsgesellschaft. This examination was carried out on the basis of the corresponding annual financial statements of the
one-ship companies. Furthermore, each presentation of the data of each fund contains descriptive information on the technical data, the
current charter as well as the economic situation including the prospects for the future.
Financing and investment
The limited partnership capital represents the
equity capital of the company and is made up
of the shares of the outside investors, i.e. the
limited partners, and of the founder members
of the company. In addition to the limited partnership capital, all limited partners have paid
in a premium for the placed ships (5 % on the
nominal limited partnership capital). Within the
framework of project financing, this premium
covers a part of the capital brokering costs.
The borrowed capital is reported in Euro, although all ship mortgage loans are predominantly denominated in US-Dollars (always 75 %
or more) as well as in Japanese Yen and/or
Swiss Francs. Valuation is carried out at the
corresponding purchase exchange rates vis-àvis the Euro.
The limited partnership capital (plus premium)
and the borrowed capital together make up
the investment sum of the project. A limited
partnership capital that is higher than that
stated in the prospectus serves to increase
the liquidity reserve of the company.
Operation
The ratios “Days in service”, “Net charter revenues” and “Operating results” as accumulated
figures are compared with the prospectus.
These ratios make major contributions to the
operating success of the equity investment
project. The net charter revenues are stated
after deduction of fees and commissions for
ship operation, chartering out or brokers. The
operating result is calculated from the net
charter revenues less the operating costs
(ship operation and administration) and less
the financing result.
Furthermore, the dividend payments are shown.
If dividends are paid as foreseen in the prospectus, these result in differences in amount
deriving from the difference between the limited partnership capital stated in the prospectus
and the actual figure.
Loan level
The redemption schedule corresponds to the
original bank financing plan. The ship mortgage
loans are divided into the different foreign currencies involved in the financing, in which case,
besides the revenue currency US-Dollar, parts
of the financing are denominated in Japanese
Yen or Swiss Francs. The “Sum total in USD” is
calculated by converting all loans not financed
in US-Dollars to US-Dollars at the purchase
exchange rate. A difference between the redemption schedule and the actual level of
repayments constitutes the redemption advantage (or arrears) of the company.
If the one-ship company switched over from
normal taxation to the tonnage tax, any hidden
reserves have been calculated, which are shown
as the differential amounts “Ship” and “Foreign
currency loan” (see also “Tax basics”, page 36).
Capital commitment/reflux
The capital commitment and the tax results are
shown based on a model for one limited partner. If the placing was carried out in several
tranches over at least one turn of the year, in
each case the first tranche is described.
The basis of calculation for the tax payments
and/or tax refunds are the following peak rates
of income tax:
· 2001 to 2003: 48.5 % income tax plus
9.0 % church tax and
5.5 % special solidarity tax
surcharge
· 2004:
45.0 % income tax plus
surcharge
surcharge (2007 not including
the “Wealth tax” surcharge)
surcharge
Tax results
The tax results including the still provisional
figures for 2009 are shown as an example for
a limited partner who joined the one-ship company in accordance with the offering prospectus and is entered in the Commercial Register.
In this context, the figures are stated accumulated as a percentage of the corresponding
limited partnership capital.
49
MV “HLL Arctic” – MV “HLL Caribic”
Names of the ships:
MV “HLL Arctic”
MV “HLL Pacific”
Type of ship:
Container ship
Deadweight tonnage:
55,738 tdw
Length overall:
267.20 m
Moulded beam:
32.20 m
Draught:
13.00 m
Container storage capacity:
approx. 4,730 TEU
(Twenty Foot Equivalent Unit)
Speed:
25.0 kn
Shipbuilding yard:
New Century
Shipbuilding Co. Ltd.
in Jingjiang/China
In service since:
MV “HLL Arctic”
MV “HLL Pacific”
04/2008
05/2008
06/2008
07/2008
The ships
With the construction of these four container
ships, the Hanseatic Lloyd Reederei GmbH &
Co. KG realised a ship design which has been
optimised in various areas by a large number
of further improvements and ongoing developments.
The four sister ships are modern container
ships of compact design with a nominal container storage capacity of approx. 4,730 twentyfoot containers and/or approx. 2,965 TEU of
14 ts homogeneously. Propulsion is provided
by a main engine of the type MAN B&W
8K98MC-C, developing 62,080 HP.
50
The four newbuildings incorporate a modern
environmental management, e.g. a main engine
is used that keeps fuel consumption and thus
also the emissions of waste gas low. Besides
the improved hull shape with a design draught
of 12 metres, these ships also feature a maintenance-friendly spade rudder (a so-called
Becker rudder). The steering gear leads to a
further reduction of fuel consumption. The
result is four innovative ships of the Hanseatic
Lloyd fleet that have been improved and optimised in accordance with the latest know-how
in shipbuilding development in order to meet
the increasingly exacting requirements of the
big international liner shipping companies.
MV “HLL Pacific” – MV “HLL Adriatic”
The charters
Since entering service in the year 2008, the ships
MV “HLL Arctic” (charter name “APL Oakland”),
MV “HLL Caribic” (“APL Los Angeles”), MV “HLL
Pacific” (“APL Denver”) and MV “HLL Adriatic”
(“APL Atlanta”) have been operating for APL
(American President Line), a subsidiary company
of the Neptune Orient Lines Group (in short
“NOL”) in Singapore, in which the city state of
Singapore is the majority shareholder. The four
container ships of identical design were in each
case chartered out in the long term for periods of
twelve years and at a daily rate of USD 27,500
gross until 2020. The high reliability of these
ships ensures exact compliance with sailing
schedules and thus supports the planning of
cargo handling of the shipping companies ashore,
which can mean savings in terms of port time
and port costs.
Operating area
After the ships entered service on schedule,
one after the other they were deployed in
various liner services of APL. Today our ships
are deployed in services from Asia to the
Middle East and to the American West Coast.
In view of the again increasing volume of cargo
between Asia and the USA, the shipping company is currently considering the joint deployment of our ships in a transpacific liner service
between ports in the Far East and the West
Coast of America.
51
MV “HLL Atlantic”
Type of ship:
Container ship
Deadweight tonnage:
57,240 tdw
Length overall:
265.98 m
Moulded beam:
32.20 m
Draught:
13.00 m
4,713 TEU (Twenty
Foot Equivalent Unit)
Speed:
24.6 kn
Shipbuilding yard:
Hanjin shipyard
in Busan/South Korea
In service since:
December 2002
The charters
The MV “HLL Atlantic” is operating at least
until August 2013 at a charter rate of USD
28,500 gross per day under the charter name
“APL Peru” for the liner shipping company APL
(American President Line). APL belongs to the
Neptune Orient Lines Group (in short “NOL”), in
which the city state of Singapore is the majority
shareholder. After the ship was last deployed
between Asia and the Red Sea as well as between Asia and the Middle East, since the end
of January 2010 “APL Peru” has been operating
in the Far East-Australia service.
Altogether operation of the ship was to the full
satisfaction of the charterer APL. In the year
2009 MV “HLL Atlantic” was not “off hire”
(period during which the ship is technically not
operable and thus cannot earn any revenues)
for a single day. The service intervals on board
are controlled by a special maintenance programme so that an optimum stock of necessary
spare parts can be kept on board.
52
Economic situation
The operating result for 2009 is EUR 4.14 million,
this being EUR 0.95 million lower than the figure
calculated in the prospectus. The charter revenues at EUR 6.81 million are a total of EUR 1.73
million lower than anticipated in the prospectus. As the ship was contracted for a higher
daily charter rate of USD 28,500 gross than the
prospectus forecast of USD 26,000 net and also
the number of operating days at 365 is 15 days
more than the figure stated in the prospectus,
the deviation in the balance sheet currency
“Euro” results exclusively from the depreciation
of the US-Dollar (on average EUR/USD 1.39
instead of 1.00 as assumed in the prospectus).
The ship operating costs (OPEX) at EUR 1.89
million are roughly on a par with the figure
named in the prospectus. These contain a further
increase in personnel costs (in USD) of 13 %
compared with the year 2008. The costs of
lubricants in USD are 18 % lower than in the
prior year. The reason for this was that the ship
was taken out of service by APL for a total of
53 days in the year 2009.
In the business year 2009, redemption payments were made to schedule, so that an
“arithmetical” redemption advantage of 374
thousand USD remains as compared with the
original bank financing plan. Dividends in a
total amount of 7.0 % on the limited partnership capital were distributed in 2009, this being
2.5 % lower than predicted in the prospectus.
The reason for this, despite the higher USDollar charter rate, is primarily the depreciation
of the US-Dollar together with substantially
increased ship operating costs (in USD), in particular in the field of personnel. According to the
shareholders’ resolution of 14th December 2004,
the ship opted for the tonnage tax with retroactive effect from 1st January 2004.
Prospects
An operating result of some EUR 3.4 million
is expected for the business year 2010 (at an
average exchange rate of EUR/USD 1.50 instead
of 1.00 as stated in the prospectus). The charter
revenues will, at EUR 6.3 million, altogether be
some EUR 2.3 million lower than anticipated in
the prospectus. This deviation is exclusively
currency-related as we agreed a better charter
rate with APL than had been anticipated in the
prospectus and at the same time are calculating with twelve more operating days.
Financing and investment in thousand EUR:
Limited partnership capital (nominal)
Premium
Borrowed capital
1)
prospectus
actual
28,500
28,750
1,425
1,438
33,365
32,887
prospectus
actual
Operation as of 31.12.2009 accumulated:
Operating days
2,491
2,496
58,941
46,886
Operating results in thousand EUR
29,068
23,090
Dividends in thousand EUR
17,528
16,244
Net charter revenues in thousand EUR
Loan level as of 31.12.2009:
redemption schedule
actual
Ship mortgage loans in thousand USD
11,725.0
12,900.0
Ship mortgage loans in thousand JPY
419,000.0
215,840.0
Ship mortgage loans in thousand CHF
3,920.0
4,005.0
17,686.1
17,312.7
prospectus
actual
-63.7
-58.8
2.5
11.9
Total in thousand USD
1)
Tax results 2009 in % accumulated:
Negative tax results
Positive tax results
Option for tonnage tax as of 1.1.2004
Differential amount ship
1.4
Differential amount, foreign currency as of 31.12.2009
The ship operating costs are expected to be
EUR 2.1 million, which is EUR 155 thousand
higher than assumed in the prospectus.
Scheduled repayments are planned in the
budget for 2010, so that the “arithmetical” redemption advantage of some USD 0.4 million
as against the original bank financing plan
remains unchanged. In this context it should
be noted that the CHF and also the JPY loans
have become more expensive through the
appreciation of the Swiss Franc and the
Japanese Yen as against the US-Dollar in
recent years. Distributions of dividends in a
total amount of 7.0 % on the limited partnership capital are planned for the year 2010
(compared with the 9.5 % named in the prospectus).
11.9
Capital commitment/reflux in % as of 31.12.2009:
Paid in
Tax repayments from offsettable tax-deductible losses
Tax payments on taxable profits
prospectus
actual
105.0
105.0
33.9
31.3
1.1
5.6
Dividends
61.5
56.5
Capital commitment
10.7
22.7
Capital reflux
94.3
82.3
Actual investment (incl. premium)
82.3 %
Capital reflux
22.7 %
Capital commitment
1) Valued at the purchase exchange rate at the value date
53
MV “HLL Baltic”
Type of ship:
Container ship
Deadweight tonnage:
62,442 tdw
Length overall:
292.0 m
4,565 TEU (Twenty
Foot Equivalent Unit)
Speed:
24.5 kn
Moulded beam:
32.25 m
Shipbuilding yard:
Hyundai Heavy
Industries
in Ulsan/South Korea
Draught:
13.50 m
In service since:
November 1995
The charters
The MV “HLL Baltic” is still operating under the
charter name “APL Costa Rica” at least until
August 2011 for the liner shipping company APL
(American President Line) at a charter rate of
USD 29,000 gross per day. APL belongs to the
Neptune Orient Lines Group (in short “NOL”), in
which the city state of Singapore is the majority
shareholder. The ship is currently operating in
the “Red Sea Express Service” and serves ports
between the Far East, the Red Sea and India.
Altogether operation of the ship was to the full
satisfaction of the charterer APL.
In the year 2009 the ship was in operation for
almost the full 365 days, i.e. no major “off
hire” times were incurred (period during which
the ship is technically not operable and thus
cannot earn any revenues). The ship was only
out of commission for about two and a half
hours due to brief problems in starting the
main engine. This illustrates the unusually good
technical condition of the meanwhile almost
15-year-old ship. The service intervals on board
are controlled by a special maintenance programme so that an optimum stock of necessary
spare parts can be kept on board. Until the
beginning of May 2010, the scheduled dry
dock overhaul with all class work for MV
“HLL Baltic” was carried out in Hong Kong.
54
Economic situation
The operating result for 2009 is EUR 4.37 million,
which is thus EUR 0.53 million lower than the
figure calculated in the prospectus. The charter
revenues at EUR 7.13 million are a total of
EUR 0.82 million lower than anticipated in the
prospectus. As the ship has contracted for a
higher daily charter rate of USD 29,000 gross
than that named in the prospectus and also the
number of operating days at almost 365 is 35
more than the figure named in the prospectus,
the deviation in the balance sheet currency
“Euro” results exclusively from the depreciation
of the US-Dollar (on average EUR/USD 1.39
instead of 1.00 as assumed in the prospectus).
The ship operating costs (OPEX) at EUR 2.16
million are roughly on a par with the prospectus
figure. These include a further increase in personnel costs (in USD) of 16 % compared with
the year 2008.
The loan repayments were made to schedule
in 2009, so that at the end of the year a redemption advantage of USD 358 thousand remains
as compared with the original bank financing
plan. Dividends in a total amount of 10.0 % on
the limited partnership capital were distributed
in 2009, this being 1.0 % less than anticipated
in the prospectus. The reason for this, despite
the higher US-Dollar charter rate, is primarily
the loss of value of the US-Dollar together with
substantially higher ship operating costs (in USD),
in particular for personnel. The company opted
for the tonnage tax with retroactive effect from
1st January 2004 as envisaged in the prospectus. The MV “HLL Baltic” has been operating
under the German flag since the beginning of
December 2008. The extra cost that this entails
is reimbursed within the framework of a proportionate contribution agreement.
Prospects
An operating result of some EUR 3.0 million (at
an average exchange rate of EUR/USD 1.50 instead of 1.00 as assumed in the prospectus) is
expected for the business year 2010. The charter revenues at EUR 6.3 million will be a total
of some EUR 1.7 million lower than anticipated
in the prospectus. This deviation is exclusively
currency-related as we agreed a better daily
charter rate with APL than had been foreseen in
the prospectus. Furthermore, we are calculating
with 20 more operating days.
The ship operating costs at some EUR 2.9 million are expected to be about EUR 0.6 million
higher than the figure stated in the prospectus.
These contain the scheduled dry dock overhaul
with all class work in Hong Kong in April/May
2010, which was budgeted at a total cost of
some USD 1.1 million. Redemption payments
in the business year 2010 are expected to be
effected to schedule so that the previous redemption advantage of USD 0.4 million as compared with the bank financing plan remains
intact. Distributions of dividends in a total
amount of 8.0 % on the limited partnership
capital are planned for the year 2010 (cf 12.0 %
according to the prospectus).
Premium
Borrowed capital
1)
prospectus
actual
14,500
15,000
725
750
38,373
38,373
prospectus
actual
2,801
2,913
Operating days
67,103
57,135
39,089
31,474
11,890
11,986
redemption schedule
actual
7,791.0
11,411.5
484,945.0
0.0
0.0
0.0
11,769.2
11,411.5
prospectus
actual
-61.9
-57.7
9.3
33.7
Darlehensstand zum 31.12.200
1)
Differential amount ship
-15.1
20.8
prospectus
actual
105.0
105.0
33.0
30.8
4.4
15.8
Dividends
82.0
80.0
Capital commitment
-5.6
10.1
110.6
94.9
Paid in
Capital reflux
94.9 %
Capital reflux
10.1 %
Capital commitment
55
The charters
The four tankers of the HLL Tanker-Flottenfonds I
were taken over under time charters by Mega
Chemical Tankers AG, Uttwil/Switzerland (in
short: MCT), for a period of ten years (plus an
option for two further years at the discretion of
the charterer). The time charter rate is variable
and is dependent on the corresponding charter
market and the activities of the MCT Pool, which
operates and sub-charters the tankers on its
own account. In the year 2009 the four tankers
achieved a net charter rate on annual average
(before ship operation and management fees)
of some USD 10,000 p.d. and ship. An average
rate of USD 9,500 net p.d. is expected for the
year 2010. Our charterer MCT is satisfied with
the operation of the ships.
Names of the ships:
MT “HLL Aegean”
MT “HLL Barents”
MT “HLL Indian”
MT “HLL Ionian”
Draught:
9.30 m
Type of ship:
Product/
chemical tankers
Speed:
15.5 kn
Deadweight tonnage:
19,990 tdw
(non-oil products)
Length overall:
149.30 m
Moulded beam:
23.80 m
Loading capacity:
22,883 cbm (98 %)
Shipbuilding yard:
Uljanik Shipyard,
in Pula/Croatia
In service since:
HLL Aegean: 07/1999
HLL Barents: 03/1999
HLL Indian: 01/2000
HLL Ionian: 09/1999
Apart from the four scheduled dry dock overhauls of the MT “HLL Aegean”, of the MT “HLL
Barents”, of the MT “HLL Indian” and of the
MT “HLL Ionian”, there were no further “off hire”
times in 2009 (periods during which the ship is
technically not operable and thus cannot earn
any revenues). Whereas three of the four dry
dock overhauls ran as planned, the dry dock overhaul of MT “HLL Barents” in Lisnave/Portugal
necessitated an unscheduled long idle time of
57 days. The reason for this was damage to the
rudder, which was only discovered during the dry
dock inspection. The additional costs that arose
because of the damage as well as the lost revenues are covered by the insurances less the
usual deductibles so that the ship incurred no
financial disadvantage through the long dry
dock overhaul (apart from the deductibles in an
amount of USD 285,000). Within the framework
of the dry dock overhauls of MT “HLL Barents”
and MT “HLL Indian”, three tanks on each ship
were also re-coated.
Economic situation
The accumulated operating result of all four
shipping companies is minus EUR 1.42 million
and is thus EUR 7.51 million lower than the
figure stated in the prospectus (at an average
exchange rate of EUR/USD 1.39 instead of
EUR/USD 1.10 as anticipated in the prospectus). Charter revenues of accumulated EUR 9.29
million were achieved in the reporting year
2009, which is thus EUR 5.26 million less than
predicted in the prospectus. The shortfall in
revenues in the balance sheet currency Euro
result on the one hand from the loss of value
of the US-Dollar as compared with the figure
stated in the prospectus and on the other hand
from the average pool charter rate of some
USD 10,000 net p.d. (the prospectus had predicted a rate of USD 11,800 net p.d.).
Due to the four dry dock overhauls the average
number of operating days per ship is 339 (as
against 355 days per ship anticipated in the
prospectus) and this also contributed to the
decline in charter revenues. The ship operating
costs at (accumulated) EUR 9.73 million are
some EUR 3.03 million higher than originally assumed in the prospectus. The difference derives
mainly from the four dry dockings. Included
in the ship operating costs are shipyard costs
for all four tankers of accumulated EUR 3.17
million. Whereas the shipyard costs for the
MT “HLL Aegean”, the MT “HLL Indian” and
the MT “HLL Ionian” were between EUR 520
thousand and EUR 580 thousand, because of
the damaged rudder, expenditure for the MT
“HLL Barents” at the shipyard totalled EUR 1.4
million. The repairs to the rudder were reimbursed by the insurance in an amount of EUR 0.5
million, which leaves effective shipyard costs
of some EUR 0.9 million for MT “HLL Barents”.
The insurance refund (“Loss-of-Hire”) for the
dry dock overhaul of MT “HLL Barents” (a total
of 57 days) amounts to some EUR 0.3 million.
In October, MT “HLL Barents” suffered damage
to an auxiliary diesel engine. The overall damage
amounts to some EUR 140 thousand and was
reimbursed by the insurance (less the deductible
in the amount of some EUR 60 thousand).
56
The ship operating costs include a further rise
in personnel costs (in USD) of 13 % compared
with the year 2008. Due to the four dry dockings
as well as the reduced charter revenues, in
2009 scheduled redemptions in a total amount
of USD 3.4 million were set off against special
redemptions that had been made. At the end of
2009 there remains an accumulated redemption
advantage of USD 3.9 million as against the
original bank financing plan. Dividends in a
total amount of 2.0 % on the limited partnership capital were distributed in 2009. As foreseen in the prospectus, the four one-ship companies opted for the tonnage tax in the year
2006.
Prospects
An accumulated operating result in the amount
of EUR 1.6 million is expected for the business
year 2010 (at an average exchange rate of EUR/
USD 1.50 instead of 1.10 as assumed in the
prospectus). The accumulated charter revenues
will, at a total of EUR 8.8 million, be some
EUR 5.7 million lower than predicted in the
prospectus. The shortfall in revenues in the
balance sheet currency Euro result on the one
hand from the lower value of the US-Dollar as
compared with the figure named in the prospectus; on the other hand we have calculated
that the charterer MCT can achieve an average
pool rate of USD 9,500 net (before ship operation and management fees) per operating day
with the ships in 2010 (the rate foreseen in the
prospectus was USD 11,800 net p.d.). The average number of operating days is calculated as
363 (the prospectus envisaged an average of
355 days).
The ship operating costs are calculated at an
accumulated amount of EUR 6.4 million and are
thus EUR 1.0 million higher than anticipated in
the prospectus. The calculations are based on
the assumption that the scheduled annual loan
repayments will be completely suspended in
2010. The applications to do this have been
submitted and have been approved by the
banking consortium. Accumulated redemption
arrears of USD 0.7 million are calculated for
the end of 2010. Under the present market
conditions, no dividend payments are planned
for the business year 2010.
Premium
Borrowed capital
1)
prospectus
actual
28,000
29,200
1,400
1,460
47,198
46,262
prospectus
actual
Operating days
2,160
2,144
83,105
80,616
37,300
28,851
12,880
11,671
redemption schedule
actual
Darlehensstand zum 31.12.2003:
20,612.4
17,141.7
757,700.0
710,250.0
Total in thousand USD 1)
0.0
0.0
27,534.7
23,630.3
prospectus
actual
-53.5
-52.2
0.8
2.9
Differential amount ship 2)
110.7
0.0
2)
Paid in
prospectus
actual
105.0
105.0
27.8
27.1
0.4
1.4
Dividends
48.0
42.0
Capital commitment
29.6
37.3
Capital reflux
75.4
67.7
67.7 %
Capital reflux
37.3 %
Capital commitment
2) Subject to recognition by the tax office
57
Premium
Borrowed capital 1)
Operating days
Differential amount ship 2)
Differential amount, foreign currency as of 31.12.2009 2)
Paid in
Dividends
Capital commitment
Capital reflux
2) Subject to recognition by the tax office
58
MT “HLL Aegean”
MT “HLL Barents”
MT “HLL Indian”
MT “HLL Ionian”
actual
actual
actual
actual
7,300
7,300
7,300
7,300
365
365
365
365
11,592
11,504
11,857
11,309
actual
actual
actual
actual
2,169
2,138
2,103
2,165
20,370
20,176
19,693
20,377
7,855
6,610
6,085
8,300
2,918
2,918
2,918
2,918
actual
actual
actual
actual
3,800.0
4,350.0
5,029.2
3,962.5
140,980.0
207,097.5
212,440.0
149,732.5
0.0
0.0
0.0
0.0
5,088.1
6,243.0
6,968.3
5,330.9
actual
actual
actual
actual
-46.6
-51.9
-59.3
-51.0
3.6
2.9
2.7
2.5
110.3
111.4
108.1
113.2
0.2
0.0
0.0
0.0
actual
actual
actual
actual
105.0
105.0
105.0
105.0
24.3
27.0
30.3
26.6
1.7
1.3
1.3
1.2
42.0
42.0
42.0
42.0
40.4
37.4
33.9
37.6
64.6
67.6
71.1
67.4
59
MT “HLL Noroc”
Type of ship:
Product/
chemical tanker
Deadweight tonnage:
16,456 tdw
Loading capacity:
17,689 cbm (98 %)
Speed:
14.0 kn
Length overall:
135.55 m
Shipbuilding yard:
Watanabe Zosen K. K.,
Hakata/Japan
Moulded beam:
22.50 m
In service since:
February 2001
Draught:
9.10 m
The charters
The MT “HLL Noroc” was chartered out to the
company W-O Marine Pte Ltd., Singapore, until
21st July 2009 (gross daily rates USD 14,850
until 20th March 2009 as well as USD 15,600
until 20th May 2009 and USD 13,700 until 21st
July 2009). After that the tanker earned an average of some USD 6,700 gross in the free spot
market. Altogether, the average rate for the
year 2009 works out to approx. USD 11,300
gross p.d. Since 1st January 2010, MT “HLL
Noroc” has been deployed in the Marida Pool
(under the management of WOMAR), initially
for a limited period of twelve months. In the
first quarter of 2010 the tanker has earned an
average of USD 6,800 gross p.d., of which
USD 7,500 p.d. was earned in March. The tanker is in good technical condition, operation of
the ship has hitherto run without any problems
and interruptions (2009 “off hire” for a total of
only 1.3 days).
W-O Shipping GmbH & Co. KG, Haren (Ems)
is to discontinue business operations. Therefore the authorised ship operator contract that
existed with W-O Shipping was dissolved with
effect from 1st June 2010 and the authorised
ship operator activities have been transferred
to Shipcare Management GmbH & Co. KG
and Hanseatic Lloyd Schiffahrt GmbH & Co. KG.
Shipcare under Managing Director Falk Holtmann
is continuing the technical shipping company
operation of the ship including Operating and
Crewing.
60
Hanseatic Lloyd has taken over the whole commercial ship operation activities, i.e. payments,
accounting, controlling, reporting, investor
support, financing, insurances and chartering
out. The name of the one-ship company was
changed, the prefix “W-O” being replaced by
“HLL”.
Economic situation
The operating result for 2009 – subject to the
auditing of the annual financial statements that
had not yet been completed (start of the audit
scheduled for the end of May) – will probably
amount to EUR 0.6 million (at an average exchange rate of EUR/USD 1.39 instead of 1.17
as foreseen in the prospectus). The charter revenues at EUR 2.8 million (net) were overall
about EUR 1.7 million lower than anticipated in
the prospectus; the ship was able to achieve
almost four operating days more than assumed
in the prospectus. The ship operating costs
(OPEX) at EUR 1.6 million are EUR 0.2 million
higher than estimated in the prospectus. In the
business year 2009, one of four scheduled quarterly repayment instalments was suspended.
Compared with the loan schedule, an arithmetical redemption advantage of some
USD 0.2 million existed at the end of the year.
Prospects
For the business year 2010 we expect to see an
operating result close to “zero” (at an average
exchange rate of EUR/USD 1.50 instead of 1.17
as had been assumed in the prospectus). Due
to the state of the market, the charter revenues
at EUR 2.0 million net will be a total of some
EUR 2.5 million lower than stated in the prospectus. Calculations are based on an average
charter rate of USD 8,500 gross p.d. The ship
operating costs are expected to be EUR 1.5
million.
In view of the present levels of charter rates,
the one-ship company cannot make scheduled
redemption payments in 2010. Furthermore the
second scheduled dry dock overhaul with all
class work is to be carried out at the beginning of 2011. With the concerted assistance
of banks, shareholders and initiators, the aim is
to ensure liquidity for the years 2010 and 2011.
The new authorised ship operators as well as
the trustee have promised to completely waive
parts of their contractual remuneration in 2010
and 2011. The total volume of these liquidity
measures amounts to some USD 170 thousand.
The banking consortium has promised to allow
delayed payment of a total of six quarterly repayment instalments until January 2011 and/
or to set these off against still existing special
redemptions. This commitment is however associated with the demand that already distributed dividends must be repaid by the shareholders. For cost reasons it is no longer possible
to fulfil all the pre-conditions for the application
of tonnage tax, so that this entails a first-time
application of normal taxation from 1st January
2010.
Premium
Borrowed capital
1)
prospectus
actual 2)
9,200
9,655
460
483
15,940
16,166
prospectus
actual 2)
1,410
1,436
Operating days
16,362
13,736
7,431
4,962
2,760
1,931
redemption schedule
actual 2)
9,466.5
9,482.0
463,937.5
441,637.5
0.0
0.0
13,689.9
13,502.4
prospectus
actual 2)
0.6
0.6
prospectus
actual 2)
105.0
105.0
0.0
0.0
0.3
0.3
Dividends
30.0
20.0
Capital commitment
75.3
85.3
Capital reflux
29.7
19.7
Tax results
Paid in
19.7 %
Capital reflux
85.3 %
Capital commitment
2) The figures for the business year 2009 are provisional as
the audits of the annual financial statements have not yet
been completed
61
MT “HLL Sharon Sea”
Type of ship:
Crude oil/
oil product tanker
Deadweight tonnage:
73,400 tdw
Length overall:
228.60 m
Moulded beam:
32.25 m
Loading capacity:
85,300 cbm (100 %)
Speed:
14.5 kn
Shipbuilding yard:
New Century
Shipbuilding Co. Ltd.,
Jingjiang/China
In service since:
December 2006
Draught:
14.30 m
The charters
MT “HLL Sharon Sea” is chartered out to
Heidmar LLC, Marshall Islands, for a total time
charter period of seven years ± 60 days and
was employed indirectly in the “Star Tankers
Pool”. Until October 2009, the guaranteed charter had been USD 22,700 gross p.d. plus profit
sharing in the amount of 35 % of accumulated
additional revenues from sub-chartering to the
“Star Tankers Pool”. In the year 2009, MT “HLL
Sharon Sea” earned an average pool charter
rate of some USD 13,200 p.d. Due to the reduced
charter rates in 2009, additional revenues from
profit sharing that had already been achieved in
2007 and 2008 had to be partially paid back in
2009. Despite this, the tanker was still able to
achieve additional revenues from profit sharing
in the amount of some USD 1.2 million. Since
October, the tanker has been directly chartered
out to the “Star Tankers Pool”. The company
has secured itself the right to continue to
operate in the pool for an eighth year. In the
first three months of the year 2010, MT “HLL
Sharon Sea” earned an average pool time
charter rate of around USD 15,000 p.d. gross
in the “Star Tankers Pool”. The calculation for
2010 is based on the assumption that it will
be possible to achieve a gross rate of approx.
USD 15,000 p.d. on annual average. The tanker
is in good technical condition and operation of
the ship has hitherto run without any problems.
62
In 2009, the tanker was “off hire” (period during
which the ship is technically not operable and
thus cannot earn any revenues) for a total of
four days, in 2010 so far for one and a half days.
W-O Shipping GmbH & Co. KG, Haren (Ems) is
to discontinue business operations. Therefore
the authorised ship operator contract that existed with W-O Shipping was dissolved with
Crewing. Hanseatic Lloyd has taken over the
whole commercial ship operation activities,
i.e. payments, accounting, controlling, reporting, investor support, financing, insurances and
chartering out. The name of the one-ship company was changed, the prefix “W-O” being
replaced by “HLL”.
Economic situation
amount to EUR 0.7 million. The charter revenues
at EUR 4.3 million (net) were overall about
EUR 2.0 million lower than predicted in the
prospectus. The reasons for this were the depreciation of the US-Dollar (average exchange
rate of EUR/USD 1.39 as against EUR/USD 1.20
as per prospectus) as well as the reduced pool
charter revenues. The ship operating costs
(OPEX) at probably EUR 2.3 million are EUR 0.8
million higher than estimated in the prospectus.
In comparison with the prior year, cost increases
were recorded above all in personnel costs at
EUR 0.2 million higher (in USD +12 %) and the
costs of ship maintenance at EUR 0.3 million
higher. Loan redemption payments were made
to schedule in the business year 2009. Overall,
the loan repayments are thus as scheduled.
Dividend payments of 2.0 % were distributed
in June 2009. As envisaged in the prospectus,
the one-ship company opted for the lump sum
determination of net income in accordance with
§ 5a EStG (tonnage tax) in the year 2005.
Prospects
For the business year 2010 we expect to see
an operating result of EUR 0.5 million (at an average exchange rate of EUR/USD 1.50 instead
of 1.20 as had been assumed in the prospectus).
Overall charter revenues at EUR 3.4 million are
estimated at some EUR 3.2 million lower than
stated in the prospectus. The ship operating
costs are expected to total EUR 1.9 million,
which is some EUR 0.3 million higher than the
figure named in the prospectus. In view of the
present level of charter rates, the one-ship
company cannot make scheduled redemption
payments in 2010. The banking consortium
has consented to an extension of the time for
payment of a total of three loan redemption
instalments in 2010. At the end of 2010 there
would therefore be redemption arrears in an
amount of USD 1.7 million.
Premium
Borrowed capital
1)
prospectus
actual 2)
19,000
19,355
950
968
28,415
25,874
prospectus
actual 2)
Operating days
1,068
1,112
18,499
16,628
8,927
6,432
3,990
3,121
redemption schedule
actual 2)
21,140.7
21,140.7
748,470.8
748,470.8
0.0
0.0
27,954.2
27,954.2
prospectus
actual 2)
0.7
0.7
prospectus
actual 2)
105.0
105.0
0.0
0.0
0.3
0.3
Dividends
21.0
16.0
Capital commitment
84.3
89.3
Capital reflux
20.7
15.7
1)
Tax results
Paid in
15.7 %
Capital reflux
89.3 %
Capital commitment
been completed
63
MT “HLL Ashley Sea”
Type of ship:
Crude oil/
oil product tanker
Deadweight tonnage:
73,400 tdw
Length overall:
228.60 m
Moulded beam:
32.25 m
Loading capacity:
85,300 cbm (100 %)
Speed:
14.5 kn
Shipbuilding yard:
New Century
Shipbuilding Co. Ltd.,
Jingjiang/China
In service since:
June 2007
Draught:
14.30 m
The charters
MT “HLL Ashley Sea” is chartered out to
Heidmar LLC, Marshall Islands, for a total time
charter period of seven years ± 60 days and
was employed indirectly in the “Star Tankers
Pool”. Until April 2010, the guaranteed charter
had been USD 22,700 gross p.d. plus profit
sharing in the amount of 35 % of accumulated
additional revenues from sub-chartering to the
“Star Tankers Pool”. In the year 2009, MT “HLL
Ashley Sea” earned an average pool charter
rate of some USD 13,400 p.d. Due to the reduced
charter rates in 2009/2010, additional revenues
from profit sharing that had already been achieved
in 2007 and 2008 had to be partially paid back
in 2009/2010. Despite this, until April 2010
the tanker was still able to achieve additional
revenues from profit sharing in the total amount
of some USD 100 thousand. Since April 2010,
the tanker has been directly chartered out to
the “Star Tankers Pool”. The company has
secured itself the right to continue to operate
in the pool for an eighth year. In the first three
months of the year 2010, MT “HLL Ashley Sea”
earned an average pool time charter rate of
around USD 15,200 p.d. gross in the “Star
Tankers Pool”. The calculation for 2010 is based
on the assumption that it will be possible to
achieve a gross rate of approx. USD 15,000 p.d.
on annual average. The tanker is in good technical condition and operation of the ship has
hitherto run without any problems.
64
In 2009, the tanker was “off hire” (period during
which the ship is technically not operable and
thus cannot earn any revenues) for a total of
four days, in 2010 so far for half a day.
W-O Shipping GmbH & Co. KG, Haren (Ems) is
to discontinue business operations. Therefore
the authorised ship operator contract that existed with W-O Shipping was dissolved with
Crewing. Hanseatic Lloyd has taken over the
whole commercial ship operation activities,
i.e. payments, accounting, controlling, reporting, investor support, financing, insurances
and chartering out. The name of the one-ship
company was changed, the prefix “W-O” being
replaced by “HLL”.
Economic situation
amount to EUR 1.3 million. The charter revenues at EUR 4.6 million (net) were overall about
EUR 1.3 million lower than predicted in the prospectus. The reasons for this were the depreciation of the US-Dollar (average exchange rate
of EUR/USD 1.39 as against EUR/USD 1.26 as
named in the prospectus) as well as the reduced
pool charter revenues. The ship operating
costs (OPEX) at probably EUR 2.0 million are
EUR 0.6 million higher than estimated in the
prospectus. In comparison with the prior year,
cost increases were recorded above all in personnel costs at EUR 0.2 million higher (in USD
+14 %). Loan redemption payments were made
to schedule in the business year 2009. A redemption advantage of EUR 0.6 million exists.
Dividend payments of 2.0 % were distributed
in June 2009. As envisaged in the prospectus,
the one-ship company opted for the lump sum
determination of net income in accordance with
§ 5a EStG (tonnage tax) in the year 2005.
Prospects
For the business year 2010 we expect to see an
operating result of EUR 0.8 million (at an average exchange rate of EUR/USD 1.50 instead of
1.26 as had been assumed in the prospectus).
Overall charter revenues at EUR 3.6 million are
estimated at some EUR 2.7 million lower than
stated in the prospectus. The ship operating
costs are expected to total EUR 1.8 million,
which is some EUR 0.3 million higher than the
figure predicted in the prospectus. In view of
the present level of charter rates, the one-ship
company cannot make scheduled redemption
payments in 2010. The banking consortium has
consented to an extension of the time for payment of a total of three loan redemption instalments in 2010. At the end of 2010 there would
therefore be redemption arrears in an amount of
USD 1.1 million.
Premium
Borrowed capital
1)
prospectus
actual 2)
17,800
18,300
890
915
26,482
25,311
prospectus
actual 2)
Operating days
918
930
15,002
13,928
7,053
5,114
2,848
1,951
redemption schedule
actual 2)
21,650.4
21,050.4
816,113.8
880,113.8
0.0
0.0
29,069.6
28,469.6
prospectus
actual 2)
0.7
0.7
prospectus
actual 2)
105.0
105.0
0.0
0.0
0.3
0.3
Dividends
16.0
10.0
Capital commitment
89.3
95.3
Capital reflux
15.7
9.7
1)
Tax results
Paid in
9.7 %
Capital reflux
95.3 %
Capital commitment
been completed
65
Auditor’s Certificate
“We hereby certify that we have examined
the results of the one-ship companies as set
out in the Annual Report of the Hanseatic
Lloyd Reederei GmbH & Co. KG, Bremen,
for the business year 2009 (pages 52 to 65
of the Annual Report) as well as the example
portfolio (page 42 of the Annual Report). In
the case of the following three companies,
HLL Noroc Schiffahrtsgesellschaft mbH &
Co. KG, Haren/Ems, HLL Ashley Sea GmbH &
Co. KG, Haren/Ems as well as HLL Sharon
Sea GmbH & Co. KG, Haren/Ems, the figures
for the business year 2009 are of a provisional
nature and have not yet been subjected to
our examination. Our task was therefore
only to examine whether the figures stated
in the Annual Report tally with the annual
financial statements up to the 31st of December 2009 that we had already examined,
with the supplementary tax accounts prepared by the company, with the published
subscription offers and with the redemption
schedules. We were able to convince ourselves that the data presented correspond
to the actual situation and that these have
been developed in a mathematically and
factually correct manner.”
Hamburg, 31st May 2010
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
(Claus Brandt)
Auditor
66
(ppa. Reinhard Muchow)
Auditor
The exclusively chartered out Hansa Mare Fleet
4,000 TEU class
Harro Kniffka, founder of the Hanseatic Lloyd
Group, founded the Hansa Mare Reederei in
Bremen together with partners in the year 1992.
Via Hanseatic Lloyd Holding, the Kniffka family,
continues to be a 50 % shareholder of the Hansa
Mare Reederei. Thorsten Mackenthun, besides
Burkhard Rösener, Managing Director of the
Hanseatic Lloyd Reederei, has furthermore been
a member of the company management of the
Hansa Mare Reederei since 2001.
Ships of good quality that can be used universally are a prerequisite for successful chartering out. With the exclusively chartered out container ships of the Hanseatic Lloyd and Hansa
Mare fleet between 1,000 and 4,700 TEU,
Hanseatic Lloyd offers ships in these size classes that are interesting for the charter market.
The following pages provide a summary overview of how the ships of the Hansa Mare fleet
were chartered out in the reporting year and
also look at their medium-term prospects. The
economic results of the Hansa Mare one-ship
companies will be published in the Annual
Report of the Hansa Mare Reederei in midJune 2010.
MV “Mare Arcticum”
Deadweight tonnage: . . . . . . . . . . . . . . . . . . . . . .52,267 tdw
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Container storage capacity: . . . . . . . . . . . . . . . . . .4,038 TEU
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Shipbuilding yard: . .Hyundai Heavy Industries, South Korea
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1999/2000
In service since: . . . . . . . . . . . . . . . . . . . . . . .December 2000
MV “Mare Atlanticum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1999/2000
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .APL
Charter name: . . . . . . . . . . . . . . . . . . . . . . . . . . .“APL Chile”
Current operating area: . . . . . . . . . . . . .India/US East Coast
Operating days in 2009: . . . . . . . . . . . . . . . . . . . . . . . . . .363
Revenues pool: . . . . . . . . . . . . . . . . . . . . . . .since July 2004
Next routine dry dock overhaul: . . . . . . . . . . . . . . . . . . .2014
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .MSC
Charter name: . . . . . . . . . . . . . . . . . . . . .“MSC Scandinavia”
Current operating area: . . . . . . . .North America East Coast/
. . . . . . . . . . . . . . . . . . . . . . . . . . .South America East Coast
Since August 2004, the MV “Mare Arcticum”
has been in service for an eight-year period of
employment with APL/NOL (American President
Lines/Neptune Orient Lines), Singapore, at a
daily rate of USD 28,500 and is thus chartered
out in the long term until at least the end of
July 2012. In the reporting year, with 363 operating days the ship was in operation for 13 days
longer than originally foreseen in the prospectus. Since entering service in the year 2000
until the end of 2009, the MV “Mare Arcticum”
was thus able to notch up 72 days more in
employment than the figure in the prospectus.
The ship mortgage loan was already fully repaid in the year 2007. Operation of the ship is
without any problems and to the satisfaction of
the charterer. The scheduled dry dock overhaul
with all class work was carried out in May of
this year.
Until April 2010, the MV “Mare Atlanticum”
operated for the liner shipping company MSC
(Mediterranean Shipping Company), Switzerland, at a daily charter rate of USD 28,950.
Following this, the contract with MSC was
renewed for a further period until at least midFebruary 2011 at a market-adjusted daily charter rate of USD 5,950. The ship was again fully
employed in the reporting year with 365 days
and since entering service it has been in operation for a total of 90 days more than originally
predicted in the prospectus. The ship mortgage
loan was fully repaid in 2007 – approx. five
years earlier than had originally been assumed
in the prospectus. The ship is in good technical
condition, operation of the ship is without any
problems and to the satisfaction of the charterer. The next scheduled dry dock overhaul with
all class work is planned for the year 2011 on
expiry of the current charter party.
67
4,000 TEU class
MV “Mare Britannicum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2000
MV “Mare Caribicum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2000
MV “Mare Lycium”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1999
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .APL
Charter name: . . . . . . . . . . . . . . . . . . . . . . .“APL Kaohsiung”
Current operating area: . . . . . . . . . . . . .Far East/Middle East
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .APL
Charter name: . . . . . . . . . . . . . . . . . . . . . . . .“APL Argentina”
Current operating area: . . . . . . . . . . . . . . . . . .Far East/India
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CSAV
Charter name: . . . . . . . . . . . . . . . . . . . . . . . . .“Libra Mexico”
Current operating area: . . . . . . . .North America East Coast/
. . . . . . . . . . . . . . . . . . . . . . . . . . .South America East Coast
Since October 2004, the MV “Mare Britannicum”
has been chartered out in the long term to the
liner shipping company APL/NOL (American
President Lines/Neptune Orient Lines), Singapore, at a daily rate of USD 28,500. This contract is valid until at least September 2012. In
the reporting year, the MV “Mare Britannicum”
was again fully employed with 365 operating
days and thus, as in the prior year, it again
notched up 15 days more than originally forecast in the prospectus. The redemption advantage as of the end of 2009 was expanded to
10.1 quarters and in February 2010 the ship
mortgage loan was fully repaid. Operation of
the ship is without any problems and to the
satisfaction of the charterer. The next scheduled dry dock overhaul with all class work is
prescribed for the year 2010 and will probably
be carried out at the end of September.
Since September 2004, the ship MV “Mare
Caribicum” has been employed by APL/NOL
(American President Lines/Neptune Orient
Lines), Singapore, for a charter period of eight
years at a daily rate of USD 28,500. The ship is
therefore chartered out on a long-term basis at
least until mid-August 2012. The MV “Mare
Caribicum” was almost “fully employed” in the
reporting year with 364 operating days. Since
entering service until the end of 2009, the ship
has been in operation for 54 days more than
assumed in the prospectus. The ship mortgage
loan of the MV “Mare Caribicum” has been
fully repaid since June 2008, i.e. approx. four
years sooner than predicted in the prospectus.
Operation of the ship is without any problems
and to the satisfaction of the charterer. The
next scheduled dry dock overhaul with all class
work is prescribed for the year 2010 and will
probably be carried out in November.
Since September 2006, the MV “Mare Lycium”
has been under contract to the liner shipping
company CSAV (Compañía Sud Americana de
Vapores), Chile, at a daily rate of USD 30,250.
The ship has a fixed charter until mid-September 2011. As a result of the restructuring measures of the charterer who had been hit by the
economic crisis, an extension of the time for
payment of the charter rate of almost 36 %
from 1st April 2009 to 31st March 2011 was
granted and was converted to a “debt-to-equityswap” (exchange of charter payments against
an equity interest in CSAV via shares) in accordance with the “Restructuring Agreement” in
April 2010, so that MV “Mare Lycium” would in
the end receive approx. 90 % of the originally
agreed charter rate. The restructuring agreement reached with the liner shipping company
CSAV was an important step to help the company through the period of the economic crisis
and thus to secure the charter revenues. The
MV “Mare Lycium” was in operation for 341
days in the reporting year and completed its
routine dry dock overhaul.
68
MV “Mare Phoenicium”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1998/1999
In service since: . . . . . . . . . . . . . . . . . . . . . . . . .August 1999
MV “Mare Siculum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1998
MV “Mare Superum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260.65 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12.5 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1997/1998
In service since: . . . . . . . . . . . . . . . . . . . . . . . . .October 1998
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CSAV
Charter name: . . . . . . . . . . . . . . . . . . . . .“Mare Phoenicium”
Current operating area: Far East/South America West Coast
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .“K” Line
Charter name: . . . . . . . . . . . . . . . . . . . . . .“Alvsborg Bridge”
Current operating area: .Far East/South America East Coast
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CSAV
Charter name: . . . . . . . . . . . . . . . . . . . . . . .“Mare Superum”
Current operating area: .Far East/South America East Coast
Since September 2006, the MV “Mare
Phoenicium” has been operating under a longterm charter for the liner shipping company
CSAV (Compañía Sud Americana de Vapores),
Chile, at a daily charter rate of USD 30,250.
This employment lasts until the beginning of
August 2011. As a result of the restructuring
measures of the charterer who had been hit by
the economic crisis, an extension of the time
for payment of the charter rate of almost 36 %
from 1st April 2009 to 31st March 2011 was
granted and was converted to a “debt-to-equityswap” (exchange of charter payments against
an equity interest in CSAV via shares) in accordance with the “Restructuring Agreement” in
April 2010, so that MV “Mare Phoenicium” in
the end received approx. 90 % of the originally
agreed charter rate. The restructuring agreement reached with the liner shipping company
CSAV was an important step to help the company through the period of the economic crisis
and thus to secure the charter revenues. The
MV “Mare Phoenicium” was in operation for
345 days in the reporting year and at the request of the charterer it completed its routine
dry dock overhaul six months earlier than planned.
Until 30th April 2009 the MV “Mare Siculum”
was employed by Maersk Line at a daily charter rate of USD 32,500. Directly after that on
1st May 2009 the ship started a new charter at
“K” Line (Kawasaki Kisen Kaisha), Japan, at a
rate of USD 29,950 per day and is still employed there until at least the beginning of March
2014. Due to repair work on the rudder stock,
the ship was in operation for a total of 329 days
in the reporting year. The ship mortgage loan
has been fully repaid since July 2008 – some
two years earlier than anticipated in the prospectus. After the MV” Mare Siculum” was
redelivered to the charterer “K” Line from the
repairs, operation of the ship is again without
any problems. The next routine dry dock overhaul is planned for the year 2013.
Until 29th July 2009 the ship was in operation
for the liner shipping company Maersk Line,
Copenhagen, at a rate of USD 32,500 per day.
A subsequent charter to “K” Line (Kawasaki
Kisen Kaisha), Japan, was agreed at a marketadjusted charter rate of USD 6,400 per day and
ended on 28th December 2009. The next charter was agreed with CSAV (Compañía Sud
Americana de Vapores), Chile, at a daily charter
rate of USD 6,200. This charter party with CSAV
has already been extended in June 2010 at a
rate of USD 23,500 which is substantially higher
than the current market level and counts as
from March 2011. The ship was almost “fully
employed” in the reporting year with 354 days.
The ship mortgage loan has been fully repaid
since February 2008 – approx. two years earlier
than predicted in the prospectus. The ship is in
good technical condition, operation of the ship
is without any problems and to the satisfaction
of the charterer. The next scheduled dry dock
overhaul with all class work is prescribed for
the year 2013 (after 15 years of operation).
69
3,000 TEU class
MV “Mare Africum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195.68 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.50 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1996/1997
In service since: . . . . . . . . . . . . . . . . . . . . . . . . . . .April 1997
MV “Mare Caspium”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195.68 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.50 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1994/1995
In service since: . . . . . . . . . . . . . . . . . . . . . . .November 1995
MV “Mare Gallicum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195.68 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.50 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1995/1996
In service since: . . . . . . . . . . . . . . . . . . . . . . . . . . .June 1996
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PIL
Charter name: . . . . . . . . . . . . . . . . . . . . . . . . .“Kota Ekspres”
Current operating area: . . . . . . . . . . . . . . . Far East/Red Sea
Revenues pool: . . . . . . . . . . . . . . . . . . . . . . .since April 2002
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CMA CGM
Charter name: . . . . . . . . . . . . . . . . . . . . .“CMA CGM Beirut”
Current operating area: . . . . . . . . . . . . Far East/West Africa
Revenues pool: . . . . . . . . . . . . . . . . . . . . . . .since June 2003
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .T.S. Lines
Charter name: . . . . . . . . . . . . . . . . . . . . . . .“Mare Gallicum”
Current operating area: . . . . . . . . . . . . .Far East/Middle East
The charter party with PIL (Pacific International
Lines), Singapore, for the MV “Mare Africum”,
which has now already been renewed for the
third time, came into force at the end of May
2008 and runs at least until the beginning of
September 2010. The agreed daily charter rate
of USD 26,250 is substantially higher than the
current market level. Operation of the ship
under charter business ran for 364 days in the
year 2009 – this being 14 days longer than
assumed in the prospectus – and to the full
satisfaction of the charterer. The ship mortgage
loan was fully repaid in the first quarter of 2009.
The next scheduled dry dock overhaul with all
class work (after 15 years of operation) is
planned for the year 2012.
Since August 2007, the MV “Mare Caspium”
has been chartered out to the shipping company, CMA CGM (Compagnie Maritime
d`Affrètement/Compagnie Générale Maritime),
Marseilles, at a daily rate of USD 25,000.
This employment was contracted until at
least August 2011. In the reporting year, the
scheduled dry dock overhaul of the MV “Mare
Caspium” with all class work after 15 years of
operation that was originally planned for 2010
was brought forward to the autumn of 2009.
The ship was therefore in operation for a total
of 297 days. The ship mortgage loan of the
MV “Mare Caspium” was already fully repaid
in the year 2002, i.e. five and a quarter years
earlier than predicted in the prospectus. The
next scheduled dry dock overhaul with all class
work is prescribed for the year 2015 (after 20
years of operation).
Until June 2010, the MV “Mare Gallicum”
operated for the liner shipping company Yang
Ming Line under a five-year contract and at a
rate of USD 33,000 per day – conditions which
in terms of amount and the period of the charter still constitute a record until today. Directly
after this, the ship started operating for T. S.
Lines Ltd., Hong Kong, at a market-adjusted
rate of USD 6,200 per day and for a period until
at least 20th June 2011. The charterer has an
option for a renewal of twelve months at a
daily rate of USD 16,000. In the reporting year
the ship was again fully employed with 365
days. Operation of the ship is without any problems and to the satisfaction of the charterer.
The next scheduled dry dock overhaul with all
class work (after 15 years of operation) is
planned for the year 2011.
70
MV “Mare Internum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195.68 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.50 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1997
MV “Mare Ionium”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195.68 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.50 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1996/1997
MV “Mare Thracium”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195.68 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32.25 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.50 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.0 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1996/1997
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .KMTC
Charter name: . . . . . . . . . . . . . . . . . . . . . . .“Mare Internum”
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .BTL
Charter name: . . . . . . . . . . . . . . . . . . . . . . . . . . .“Tiger Star”
Current operating area: . . . . . . . . . . . . . . . . .India/Singapore
Operating days in 2009: . . . . . . . . . . . . . . . . . . . . . . . . . . .74
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .KMTC
Charter name: . . . . . . . . . . . . . . . . . . . . . . .“Mare Thracium”
Revenues pool: . . . . . . . . . . . . . . . . . . . .since October 2001
Until 16th March 2009 the MV “Mare Internum”
operated for CMA CGM (Compagnie Maritime
d`Affrètement/Compagnie Générale Maritime),
Marseilles, at a rate of USD 19,450 per day.
After a positioning trip, the ship was delivered
to the new charterer, KMTC (Korea Marine
Transport Co.), Korea, on 23rd March 2009 to
whom it has been chartered out at a marketreduced rate of USD 6,500 per day until at least
February 2011 with a renewal option of one year
at a daily rate of USD 9,500. In the reporting year
the MV “Mare Internum” was in operation for
358 days, so that since it entered service it has
accumulated a total of 33 days more operating
days than originally anticipated in the prospectus.
Until 16th March 2009, a charter party with
Maersk Line existed for the MV “Mare Ionium”
at USD 25,000 per day. After the ship was returned, it lay in a state of readiness for operation in the roads off the port of Songkhla/
Thailand and due to the difficult situation in
the charter market it was not in operation
again until 7th February 2010, when it started
employment for the new charterer Bengal Tiger
Lines (BTL), Singapore. This employment lasts
at least four and max. twelve months at a daily
rate of USD 4,500. BTL has two subsequent
renewal options for twelve months ± 30 days
each, the rates of which are to be determined
on the basis of the ConTex.
Since September 2008, the MV “Mare Thracium”
has been chartered out to the liner shipping
company KMTC (Korea Marine Transport Co.),
Korea, at a daily rate of USD 19,100. This
employment was contracted until at least April
2011. In the reporting year, the ship was again
“fully employed” with 365 operating days, this
being 15 days more than originally anticipated
in the prospectus. Through special redemption
the ship mortgage loan was fully repaid in
February 2009. The MV “Mare Thracium” is in
good technical condition. Operation of the ship
is without any problems and to the satisfaction
of the charterer KMTC.
71
1,700/1,000 TEU class
MV “Mare Ibericum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .179.62 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.30 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9.95 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19.4 kn
Shipbuilding yard: . . . . . .Stocznia Szczecinska S. A., Poland
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1993/1994
In service since: . . . . . . . . . . . . . . . . . . . . . .September 1994
MV “Mare Adriaticum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149.50 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.30 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8.26 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17.5 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1993
In service since: . . . . . . . . . . . . . . . . . . . . . . .November 1993
MV “Mare Balticum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149.50 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.30 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8.27 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17.5 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1992/1993
In service since: . . . . . . . . . . . . . . . . . . . . . . . . . . .April 1993
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PIL
Charter name: . . . . . . . . . . . . . . . . . . . . . . . . .“Kota Mawar”
Current operating area: . . . . . . . . . . . . .Far East/West Africa
Revenues pool: . . . . . . . . . . . . . . . . . . . .since January 2008
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .KMTC
Charter name: . . . . . . . . . . . . . . . . . . . . .“Mare Adriaticum”
Current operating area: . . . . . . . . . . . .South Korea/Vietnam
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SITC
Charter name: . . . . . . . . . . . . . . . . . . . . . . .“Mare Balticum”
Current operating area: . . . . . . . . . . . . . . . . . . .China/Japan
Until mid-March 2010, the MV “Mare Ibericum”
was under contract to PIL (Pacific International
Lines), Singapore, at a rate of USD 17,650 per
day and this charter was then renewed until at
least mid-February 2011 at a market-reduced
charter rate of USD 4,375 per day. This was
already the third renewal of the charter by PIL.
The ship was in operation for 347 days in the
reporting year due to a repair. The ship mortgage
loan has been fully repaid since May 2006.
The charter party with MKL (Magistral Container Lines), Cyprus, at a daily rate of USD
9,100 expired on 15th January 2009. In a
difficult market environment, short periods of
employment were contracted for the ship with
various shipping companies at rates between
USD 3,600 and 4,250 per day. Since the end
of April 2009, the ship has been operating for
KMTC (Korea Marine Transport Co.), Korea,
under a number of short-term contracts.
The current charter party runs until at least
27th June 2011 at a market-adjusted rate
of USD 6,800 per day. MV “Mare Adriaticum”
was in operation on 288 days in the reporting
year. Despite the difficult market environment
with more than 580 ships unemployed, it was
possible to keep the ship in employment most
of the time and to find new follow-on employment in the current year.
Until 13th May 2009, the ship operated for the
shipping company OEL (Orient Express Lines),
Singapore, at USD 10,950 per day. In a difficult
market environment, short periods of employment were contracted for the ship with various
shipping companies at rates between USD
3,850 and 4,000 per day. Since July 2010,
the ship is chartered out to SITC Shipping
Company Limited, Hong Kong, at a marketadjusted rate of USD 6,100 per day until at
least 8th November 2010. In the reporting
year, MV “Mare Balticum” was in operation
on 252 days. Despite the difficult market
environment with more than 580 ships unemployed, it was possible to keep the ship in
employment most of the time and to find new
follow-on employment in the current year.
72
MV “Mare Doricum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149.63 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.30 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8.27 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17.5 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1995
MV “Mare Hibernum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149.63 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.30 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8.25 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17.5 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1994/1995
In service since: . . . . . . . . . . . . . . . . . . . . . . . . . . .May 1995
MV “Mare Tuscum”
Length overall: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .149.63 m
Moulded beam: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22.30 m
Draught: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8.27 m
Speed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17.5 kn
Year of issue: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1995/1996
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Johan
Charter name: . . . . . . . . . . . . . . . . . . . . . . . .“Mare Doricum”
Current operating area: . . . . . . . . . . . . . . . . . . . . . .Malaysia
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Charter name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Current operating area: . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Operating days in 2009: . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Revenues pool: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Sale of the ship: . . . . . . . . . . . . . . . . . . . .17th October 2007
Charterer: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Charter name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Current operating area: . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Operating days in 2009: . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Revenues pool: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .–
Sale of the ship: . . . . . . . . . . . . . . . . . . . .16th February 2006
Until 18th August 2009, the ship was in operation
for the liner shipping company MSC (Mediterranean Shipping Company), Switzerland, at a
daily rate of USD 10,000. In a difficult market
environment the ship was then moved to the
Far East under a trip charter and short periods
of employment at various shipping companies
were contracted at rates between USD 3,725
and 4,000 per day. At present the ship is in operation for Johan Shipping Sdn Bhd, Malaysia,
at a market reduced daily rate of USD 4,000
until at least 4th September 2010. As from
September 2010 the rate will increase to USD
4,400 since Johan Shipping declared a further
six months option at this level which will be
applicable at least until March 2011. The ship
was in operation on 353 days in the reporting
year. Despite the difficult market environment
with more than 580 ships unemployed, it was
possible to keep the ship in employment most
of the time and to find new follow-on employment in the current year.
Through a resolution of the extraordinary general meeting of the shareholders on 29th August
2007, the MV “Mare Hibernum” was sold to
K/S Green Valley, a subsidiary company of A/S
Lund Dal Invest, Denmark, for USD 19.9 million
and was handed over on 17th October 2007
against payment of the full purchase price.
Through the sale of the MV “Mare Hibernum”
it was possible to pay out dividends to the
shareholders in a total amount of 132 % on
the limited partnership capital. Over the whole
project period, an average return on investment
of 9.27 % was achieved.
In December 2007, a last dividend payment in
the amount of 3 % on the limited partnership
capital was distributed to the shareholders.
This meant that dividend payments in a total
amount of 116 % of the limited partnership
capital were paid out to the shareholders instead of the originally predicted 111.4 %.
After some difficult years, the ship project
“Mare Tuscum” could therefore be brought to
a successful conclusion for all those involved.
73
74
Lloyd Group
Uttwil, Switzerland
GmbH & Co. KG
Bremen, Germany
GmbH & Co. KG
Bremen, Germany
50 %
51 %
Hansa Mare Reederei
HLL Treuhand AG
GmbH & Co. KG
Bremen, Germany
Burkhard Rösener
GmbH & Co. KG
Bremen, Germany
Burkhard Rösener
GmbH & Co. KG
Hamburg, Germany
Singapore
MD: Henner Lothar
GmbH & Co. KG
Bremen, Germany
Dr. Andreas Opatz
Bremen, Deutschland
HLL Atlantic
HLL Baltic
HLL Adriatic
HLL Arctic
HLL Caribic
HLL Pacific (2)
HLL Aegean
HLL Barents
HLL Indian
HLL Ionian
HLL Black Sea 1)
HLL Red Sea 1)
HLL White Sea 1)
HLL Yellow Sea 1)
HLL Ashley Sea
HLL Sharon Sea
HLL Noroc
GmbH & Co. KG
GmbH & Co. KG
Hanseatic Lloyd AG
r
halte
z
t
a
l
P
the FSC.
Orders
Henner Lothar
Chairman
Dr. Peter Haßkamp
Chairman
Bremen, Germany
Justus Kniffka
Member of the Board
Adrian Howald
Member of the Board
Adolf Adrion
Vice-Chairman
of Hapag-Lloyd AG,
Hamburg, Germany
Christoph Hinz
Berlin, Germany
Bern, Switzerland
Dr. Bernd Kröger
Germany
Altnau, Switzerland
CFO Fraport AG,
Concept and design:
Cologne, Germany
Printed by:
1)
Hanseatic Lloyd AG
Reederweg 6
8592 Uttwil
Switzerland
Phone: +41-(0)71-46 699-99
Fax: +41-(0)71-46 699-09
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-18/19
[email protected]
GmbH & Co. KG
ABC-Straße 2
20354 Hamburg
Germany
Phone: +49-(0)40-35 08 90-0
Fax: +49-(0)40-35 08 90-333
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-78
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-58
[email protected]
Pte Ltd
79 Cairnhill Road
Singapore 229681
Phone: +65-97 50-48 78
[email protected]
GmbH & Co. KG
Contrescarpe 45
28195 Bremen
Germany
Phone: +49-(0)421-24 338-0
Fax: +49-(0)421-24 338-19
[email protected]
Competence in the
Bremen/Germany.
2009
Hanseatic Lloyd AG
Uttwil/Switzerland
Welcome on Board.

The Annual Report of the Hanseatic Lloyd Reederei on the Business

Transcrição

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